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






2. A retailers carries complementary goods and services to encourage shoppers to buy more






3. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






5. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






6. The basic format or structure of a business






7. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






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






10. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






11. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






12. Refers to the number of distinct goods/services categories (product lines) a retailer carries






13. Money left after paying taxes and buying necessities






14. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






15. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






16. Payments that retailers require of vendors for providing shelf space






17. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






18. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






19. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






20. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






21. Available from sources outside the firm






22. A case that holds piles of sale clothing - marked down books or other products






23. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






24. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






25. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






26. A sign that displays the store's name






27. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






28. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






29. Based on the original retail value assigned to merchandise less the costs of the merchandise






30. Marketplace opening that exist because other retailers have not yet capitalized on them






31. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






32. Logically assumes old merchandise is sold first - while newer items remain in inventory






33. Converts shopping from a passive activity into a more interactive one - by better engaging customers






34. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






35. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






36. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






37. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






38. The service level that customers want to receive from any retailer - such as basic employee courtesy






39. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






40. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






41. An unincorporated retail firm owned by one person






42. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






43. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






44. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






45. Doubt that the correct decision has been made






46. The extent to which a person desires and pursues social status






47. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






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






49. 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






50. A merchandising technique that some firms use to improve productivity