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






2. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






3. 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






4. A type of retail institution in which a retailers owns one retail unit






5. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






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






7. 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






8. Beginning inventory - purchases - and transportation charges equal the cost of this






9. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






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






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






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






14. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






15. 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






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






17. 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






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






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






20. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






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






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






23. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






24. Projections of expected retail sales for given periods






25. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






27. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






28. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






29. When manufacturers and wholesales seek to control the retail prices of their goods and services






30. 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






31. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






32. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






33. The portion of revenues turned over to the federal - state and/or local government






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






35. 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






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






37. Refers to the variety in any one good/service (product line) a retailer carries






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






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






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






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






42. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






43. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






44. Marketplace opening that exist because other retailers have not yet capitalized on them






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






46. Used for products needing special handling






47. Where the same customers are served by both branches






48. 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






49. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






50. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits