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. Consists of the regular products carried by a retailer






2. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






3. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






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






6. Depicts a product offering in a thematic manner and sets a specific mood






7. Any item a retailer owns with monetary value






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






9. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






10. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






12. Graphically displays its hierarchical relationships created by a retailer






13. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






15. The optimum site for a particular store






16. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






18. A multi-line firm operating under central ownership






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






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






21. A formal way to record consumer requests for unstocked for out-of-stock merchandise






22. When a retailer acts in the best interests of society - as well as itself






23. 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






24. 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






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






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






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






28. The profit earned after all costs and taxes have been deducted






29. Focuses on the sale of tangible phoducts






30. Doubt that the correct decision has been made






31. Displays merchandise by common end use






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






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






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






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






37. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






38. 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






39. Payments that retailers require of vendors for providing shelf space






40. Used for products needing special handling






41. A retailers has no risk because title is not taken; the supplier owns the goods until sold






42. Whereby franchisors limit franchisee involvement in the strategic planning process






43. 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






44. The number of distinct people exposed to a retailers promotion efforts in a specific period






45. A large - planned shopping facility appealing to a geographically dispersed market






46. An inexpensive display that leaves merchandise in the original carton






47. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






49. 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]






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