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. 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






2. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






3. The cost of running a retail business






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






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






6. Doubt that the correct decision has been made






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






8. The optimum site for a particular store






9. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






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






11. Concentrates on selling one goods or service line - such as young women's apparel






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






13. Calls for all maintenance costs to be paid by the retailer






14. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






15. Used by retailers that promote throughout the year






16. Whereby prices are marked only on shelves or signs and not on individual items






17. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






18. A type of retail institution in which a retailers owns one retail unit






19. Graphically displays its hierarchical relationships created by a retailer






20. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






21. Focuses on the sale of tangible phoducts






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






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






24. the drive within people to attain work-related goals - can be positive or negative






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






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






27. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






28. Zeroing in on one specific group






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






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






31. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






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






34. Consists of the regular products carried by a retailer






35. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






36. 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






37. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






38. Financial obligations a retailer incurs in operating a business






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






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






41. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






42. Consists of products that may have cyclical sales due to changing tastes and lifestyles






43. Suppliers sell through a moderate number of retailers






44. The portion of revenues turned over to the federal - state and/or local government






45. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






46. 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






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






48. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






49. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






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