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. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






3. 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






4. 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)






5. Involves a clear statement of the topic to be studied






6. The form of research in which present behavior or the results of past behavior are noted and recorded






7. Whereby each department is subdivided into further categories for related types of merchandise






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






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






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






11. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






12. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






14. The overall plan guiding a retail firm






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






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






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






18. Used for products needing special handling






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






20. Money left after paying taxes and buying necessities






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






22. Whereby suppliers sell through as many retailers as possible






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






24. Occurs when a consumer makes full use of the decision process






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






26. 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






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






28. A retailers carries complementary goods and services to encourage shoppers to buy more






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






30. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






31. A retailers commitment to a type of business and to a distinctive role in the marketplace






32. The manner of providing a job environment that encourages employee accomplishment






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






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






35. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






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






37. Payments that retailers require of vendors for providing shelf space






38. 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






39. 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






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






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






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






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






44. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






46. Risk is still low - but a retailer takes title on delivery and is responsible for damages






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






48. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






49. Merchandise that generates high sales over a short time






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