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






2. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






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






5. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






6. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






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






8. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






9. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






10. Short-term selling and administrative costs in running a business






11. The line of business in which a retailer operates






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






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






14. Has a primarily functional use: to neatly hang or present products






15. 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






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






17. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






18. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






19. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






20. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






21. 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






22. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






23. 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






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






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






26. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






27. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






28. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






29. 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






30. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






31. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






32. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






33. A retailers has no risk because title is not taken; the supplier owns the goods until sold






34. 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






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






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






37. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






38. Whereby prices are marked only on shelves or signs and not on individual items






39. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






40. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






42. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






43. An unincorporated retail firm owned by one person






44. 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






45. A large - planned shopping facility appealing to a geographically dispersed market






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






47. When retailers count on suppliers to participate in their inventory management programs






48. 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






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






50. Describes how traditional family moves from bachelorhood to children to solitary retirement