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 difference between net sales and the total cost of goods sold






2. 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






3. Incorporates life stages for both family and non-family households






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






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






6. The mix of stores within a district or shopping center






7. Two or more retailers share an ad






8. Selling goods and services to a broad spectrum of consumers






9. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






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






12. Represents the total bundle of benefits offered to consumers through a channel of distribution






13. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






14. A listing of bipolar adjectives scales






15. Risk is still low - but a retailer takes title on delivery and is responsible for damages






16. The reasons for a consumers behavior






17. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






18. A retail firm owned by its customer members






19. A retailers commitment to a type of business and to a distinctive role in the marketplace






20. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






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






22. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






23. The criteria used to assess effectiveness






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






25. The cost of running a retail business






26. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






27. Sets the guiding principles for all the merchandise decisions a retailers makes






28. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






29. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






30. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






31. Whereby a retailers sells to consumers through multiple retail formats






32. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






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






35. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






36. Whereby each department is subdivided into further categories for related types of merchandise






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






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






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






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






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






42. Where a consumer must pay the bill in full when it is due






43. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






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






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






47. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






48. 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






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






50. 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