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. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






2. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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






4. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






5. The optimum site for a particular store






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






7. 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






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






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






10. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






11. The manner of providing a job environment that encourages employee accomplishment






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






13. 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






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






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






16. The aspects of business to which a retailers must adapt






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






18. Displays merchandise by common end use






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






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






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






22. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






23. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






24. The merchandise categories for which data are gathered






25. Based on the original retail value assigned to merchandise less the costs of the merchandise






26. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






27. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






28. Appeals to price-conscious consumers - who must be members to shop there






29. A retailer carries more items than expects to sell over a specified period






30. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






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






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






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






34. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






35. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






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






37. Equals the cost of merchandise available for sale minus the cost value of ending inventory






38. Money left after paying taxes and buying necessities






39. 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






40. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






41. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






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






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






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






45. A retailer sets prices for goods and services and seeks to maintain them for an extended period






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






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






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






49. 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






50. Signals or cues as to the success or failure of that each part of the strategy