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. The customer group sought by a retailer






2. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






3. Consists of products that sell well over nonconsecutive time periods






4. Used by retailers that promote throughout the year






5. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






6. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






7. The overall plan or framework of action that guides a retailer






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






9. Involve the combination of separately owned retail firms






10. 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






11. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






12. When a retailer looks at data that are collected to address the specific issue or problem under study






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






14. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






15. Two or more retailers share an ad






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






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






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






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






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






21. 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






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






23. A retailers best customers






24. 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






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






26. Consumers feel high prices connote high quality and low prices connote low quality






27. Used for products needing special handling






28. A case that holds piles of sale clothing - marked down books or other products






29. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






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 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






33. The line of business in which a retailer operates






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






35. Money left after paying taxes and buying necessities






36. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






38. 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






39. Out-of-hometown shopping - is important for both local and surrounding retailers






40. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






41. Financial obligations a retailer incurs in operating a business






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






43. The service level that customers want to receive from any retailer - such as basic employee courtesy






44. 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






45. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






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






47. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






49. Merchandise that generates high sales over a short time






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