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 sign that displays the store's name






2. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






3. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






4. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






5. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






6. The long-run and short-run performance targets a retailers hopes to attain






7. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






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






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






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






11. Includes all the remaining customers - and they are the most widely dispersed






12. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






13. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






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






15. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






16. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






17. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






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






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






20. Involves a clear statement of the topic to be studied






21. 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






22. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






23. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






24. Where the same customers are served by both branches






25. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






26. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






27. Occurs when one consumer talks to others; can build a chain of customers






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






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






30. 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






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






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






33. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






34. The efficiency with which a retail strategy is carried out






35. 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






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






37. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






38. Short-term selling and administrative costs in running a business






39. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






40. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






41. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






42. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






43. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






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






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






46. The criteria used to assess effectiveness






47. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






48. 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






49. Retailers price selected items below cost to lure more customer traffic for those retailers






50. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period