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. Any item a retailer owns with monetary value






2. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






3. Two or more retailers share an ad






4. Systematically lists all operating functions to be performed - their characteristics - and their timing






5. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






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






8. Used for products needing special handling






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






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






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






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






13. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






14. When retailers count on suppliers to participate in their inventory management programs






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






16. Factors having a high relationship with job success are given more weight than others






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






18. The merchandise categories for which data are gathered






19. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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20. Customer orientation - coordinated effort - value driven and goal orientation






21. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






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






23. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






25. A multi-line firm operating under central ownership






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






27. A way to collect - store and use relevant information about customers






28. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






29. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






30. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






31. Beginning inventory - purchases - and transportation charges equal the cost of this






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






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






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






35. Doubt that the correct decision has been made






36. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






37. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






38. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






39. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






40. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






41. 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






42. Whereby consumers lease and use goods for specified periods of time






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






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






45. Determines the floor space necessary to carry and display a proper merchandise assortment






46. Suppliers sell through a moderate number of retailers






47. A cash or card operated retailing format that dispenses goods and services






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






49. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






50. Projections of expected retail sales for given periods