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. Objective - quantifiable - easily identifiable and measurable population data






2. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






3. A retailers best customers






4. A retail firm that is formally incorporated under state law






5. A multi-line firm operating under central ownership






6. 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






7. 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






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






9. The overall plan guiding a retail firm






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






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






12. A food-based discounter offering a moderate number of food items in a no-frills setting






13. Takes place when the consumer buys out of habit and skips steps in the purchase process






14. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






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






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






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






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






19. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






20. 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






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






22. Based on the original retail value assigned to merchandise less the costs of the merchandise






23. 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






24. The positive - neutral or negative feelings a person has about different topics






25. Based on the actual prices received for merchandise sold during a time period less merchandise cost






26. A listing of bipolar adjectives scales






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






28. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






30. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






32. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






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






34. 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






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






36. A way to collect - store and use relevant information about customers






37. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






38. Assumes new merchandise is sold first - while older stock remains in inventory






39. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






41. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






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






43. Mandates that persons with disabilities be given appropriate access to retailing facilities






44. Retailers price selected items below cost to lure more customer traffic for those retailers






45. 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






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






47. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






48. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






49. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






50. The customer group sought by a retailer