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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. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






2. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






3. Describes how traditional family moves from bachelorhood to children to solitary retirement






4. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






5. A food-based discounter offering a moderate number of food items in a no-frills setting






6. 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






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






8. 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






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






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






11. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






12. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






13. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






14. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






15. Available within the company - sometimes from the data bank of a retail information system






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






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






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






19. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






21. Whereby each department is subdivided into further categories for related types of merchandise






22. 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






23. Customer orientation - coordinated effort - value driven and goal orientation






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






25. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






26. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






27. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






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






29. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






31. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






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






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






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






36. Ways in which individual consumers and families live and spend time and money






37. Two or more retailers share an ad






38. 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






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






40. A retailers carries complementary goods and services to encourage shoppers to buy more






41. Assigns floor space on the basis of sales or profit per foot






42. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






44. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






45. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






46. Embodied by a series of activities and processes that provides a certain value for the consumer






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






48. Displays merchandise by common end use






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






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






Can you answer 50 questions in 15 minutes?



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