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






2. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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3. Increases an item's original price because demand is unexpectedly high or costs are rising






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






5. Outlines a retailer's planned expenditures for a given time based on expected performance






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






7. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






9. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






10. Involves oral communication with one or more prospective customers for the purpose of making a sale






11. 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






12. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






13. 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






14. A merchandising technique that some firms use to improve productivity






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






16. 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






17. Displays merchandise by common end use






18. A form of multi-channel retailing which engages in more than one type of distribution arrangement






19. The business activities involved in selling goods and services to consumers for their personal - family - or household use






20. A retailers commitment to a type of business and to a distinctive role in the marketplace






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






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






23. Calls for all maintenance costs to be paid by the retailer






24. Used for products needing special handling






25. The extent to which a person desires and pursues social status






26. Zeroing in on one specific group






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






28. 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






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






30. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






31. Payments that retailers require of vendors for providing shelf space






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






33. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






35. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






36. 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






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






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






39. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






40. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






41. 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






42. Objective - quantifiable - easily identifiable and measurable population data






43. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






44. Represents how a given retailer is perceived by consumers and others






45. A retail firm owned by its customer members






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






47. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






48. Includes all the remaining customers - and they are the most widely dispersed






49. Any item a retailer owns with monetary value






50. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer







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