Test your basic knowledge |

Retail Management

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






2. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






3. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






4. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






5. A multi-line firm operating under central ownership






6. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






7. Whereby prices are marked only on shelves or signs and not on individual items






8. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






9. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






10. Consists of products that may have cyclical sales due to changing tastes and lifestyles






11. A food-based discounter offering a moderate number of food items in a no-frills setting






12. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






13. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






14. Signals or cues as to the success or failure of that each part of the strategy






15. The aspects of business to which a retailers must adapt






16. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






17. The portion of revenues turned over to the federal - state and/or local government






18. Competition between manufacturers and retailers for shelf space and profits






19. The optimum site for a particular store






20. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






21. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






22. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






23. Information is systematically gathered from respondents by communicating with them






24. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






25. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






26. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






27. Money left after paying taxes and buying necessities






28. Assigns floor space on the basis of sales or profit per foot






29. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






30. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






31. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






32. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






33. The activity whereby a retailer generates a list of job applicants






34. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






35. An unincorporated retail firm owned by one person






36. A form of multi-channel retailing which engages in more than one type of distribution arrangement






37. Equals the cost of merchandise available for sale minus the cost value of ending inventory






38. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






39. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






40. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






41. A retailer sets prices for goods and services and seeks to maintain them for an extended period






42. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






43. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






44. The positive - neutral or negative feelings a person has about different topics






45. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






46. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






47. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






48. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






49. Involves an informal ranking of people based on income - occupation - education and other factors






50. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season