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






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






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






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






5. There is more interactive relationship between a franchisor and a franchisee






6. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






7. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






8. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






9. Displays merchandise by common end use






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






11. Sets the guiding principles for all the merchandise decisions a retailers makes






12. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






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






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






15. Involves an informal ranking of people based on income - occupation - education and other factors






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






17. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






18. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






19. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






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






22. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






24. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






25. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






26. A type of retail institution that is a department in a retail store that is rented to an outside party






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






28. Takes a customer-centered approach and presents "solutions" rather than "products"






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






30. 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






31. Whereby suppliers sell through as many retailers as possible






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






33. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






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






35. A planned shopping facility - with the largest store being a supermarket or a drugstore






36. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






37. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






38. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






39. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






40. 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






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






42. Consists of the regular products carried by a retailer






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






44. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






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






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






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






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






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






50. 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