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. Competition between manufacturers and retailers for shelf space and profits






2. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






3. Projections of expected retail sales for given periods






4. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






5. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






6. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






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






8. Relates to the quantites of merchandise a retailer handles during a stated period






9. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






10. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






11. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






12. A multi-line firm operating under central ownership






13. Represents how a given retailer is perceived by consumers and others






14. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






15. Typically supervises the on-floor selling and operational activities for a specific retail department






16. A retailer sets its prices in accordance with competitors'






17. Consists of products that sell well over nonconsecutive time periods






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






19. 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






20. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






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






22. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






23. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






24. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






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






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






27. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






28. Zeroing in on one specific group






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






30. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






31. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






32. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






34. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






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






36. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






37. Lets consumers bargain over prices; those who are good at it obtain lower prices






38. 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






39. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






40. 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






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






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






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






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






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






46. A planned shopping facility - with the largest store being a supermarket or a drugstore






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






48. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






49. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






50. Whereby suppliers sell through as many retailers as possible