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. 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






2. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






3. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






5. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






6. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






7. Factors having a high relationship with job success are given more weight than others






8. The aspects of business that a firm can directly affect






9. 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






10. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






11. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






12. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






13. Displays merchandise by common end use






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






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






16. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






18. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






20. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






22. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






23. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






24. Relates to the quantites of merchandise a retailer handles during a stated period






25. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






26. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






27. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






28. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






29. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






30. Graphically displays its hierarchical relationships created by a retailer






31. The business activities involved in selling goods and services to consumers for their personal - family - or household use






32. Incorporates life stages for both family and non-family households






33. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






34. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






36. Exhibits heavier - bulkier items than a rack holds






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






38. 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






39. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






40. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






41. 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






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






43. 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






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






45. Sets the guiding principles for all the merchandise decisions a retailers makes






46. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






47. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






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






50. A retailer charges the same price to all customers buying an item under similar conditions