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






2. An unincorporated retail firm owned by two or more persons - each with a financial interest






3. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






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






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






7. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






8. A retailer sets its prices in accordance with competitors'






9. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






10. The merchandise categories for which data are gathered






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






12. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






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






14. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






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






17. Occurs when one consumer talks to others; can build a chain of customers






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






19. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


20. 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






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






22. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






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






24. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






25. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






26. Two or more retailers share an ad






27. Every store - product - or customer has an equal or known chance of being chosen for a study






28. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






29. 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






30. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






32. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






33. 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






34. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






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






37. The activity whereby a retailer generates a list of job applicants






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






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






40. 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)






41. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






42. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






43. 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






44. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






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






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






47. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






48. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






50. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)