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. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






4. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






5. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






7. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






8. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






9. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






10. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






11. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






12. Selling goods and services to a broad spectrum of consumers






13. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






15. 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






16. Any item a retailer owns with monetary value






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






18. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






19. 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






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






21. Used for products needing special handling






22. Used by retailers that promote seasonally






23. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






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






25. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






27. 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






28. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






29. Reward a retailers best customers - those with whom it wants long-lasting relationships with






30. Consists of the regular products carried by a retailer






31. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






32. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






33. A retailer purposely adjusts markups by merchandise category






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






35. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






36. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






37. A retail firm owned by its customer members






38. 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






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






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






41. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






42. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






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






44. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






46. 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






47. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






48. 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






49. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






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