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. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






2. Involves an informal ranking of people based on income - occupation - education and other factors






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






4. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






5. Consumers feel high prices connote high quality and low prices connote low quality






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






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






8. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






9. 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






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






11. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






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






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






14. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






15. 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






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






17. Suppliers sell through a moderate number of retailers






18. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






19. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






20. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






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






23. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






24. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






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






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






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






28. The cost of running a retail business






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






30. Information is systematically gathered from respondents by communicating with them






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






32. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






33. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






36. A retailer purposely adjusts markups by merchandise category






37. 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






38. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






40. The overall plan guiding a retail firm






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






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






43. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






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






45. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






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






48. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






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






50. Mandates that persons with disabilities be given appropriate access to retailing facilities