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. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






2. Lets consumers bargain over prices; those who are good at it obtain lower prices






3. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






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






5. Suppliers sell through a moderate number of retailers






6. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






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






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






9. The sum total of an individuals traits - which make that individual unique






10. A retailer charges the same price to all customers buying an item under similar conditions






11. Zeroing in on one specific group






12. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






13. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






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






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






17. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






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






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






20. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






21. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






22. Whereby a retailers sells to consumers through multiple retail formats






23. An unincorporated retail firm owned by one person






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






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






26. 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






27. Available from sources outside the firm






28. 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






29. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






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






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






33. Competition between manufacturers and retailers for shelf space and profits






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






35. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






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






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






38. Merchandise that generates high sales over a short time






39. Projections of expected retail sales for given periods






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






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






42. Whereby goods owned by consumers are repaired - improved - or maintained






43. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






44. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






46. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






47. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






48. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






49. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






50. Consists of all the levels of independently owned businesses along a channel of distribution