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 process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






2. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






3. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






4. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






5. The difference between net sales and the total cost of goods sold






6. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






7. Has a primarily functional use: to neatly hang or present products






8. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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






10. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






11. 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






12. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






13. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






14. Places together various items that appeal to a given target market






15. The profit earned after all costs and taxes have been deducted






16. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






17. The basic format or structure of a business






18. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






19. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






20. Used by retailers that promote seasonally






21. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






22. 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






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






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






25. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






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






27. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






28. Two or more retailers share an ad






29. Objective - quantifiable - easily identifiable and measurable population data






30. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






31. Refers to the variety in any one good/service (product line) a retailer carries






32. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






33. Graphically displays its hierarchical relationships created by a retailer






34. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






35. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






36. A retailer carries more items than expects to sell over a specified period






37. The merchandise categories for which data are gathered






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






39. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






41. Available within the company - sometimes from the data bank of a retail information system






42. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






43. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






44. The sum total of an individuals traits - which make that individual unique






45. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






46. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






47. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






48. Outlines a retailer's planned expenditures for a given time based on expected performance






49. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






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