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. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






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






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






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






6. 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






7. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






8. 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)






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






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






11. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






12. Depicts a product offering in a thematic manner and sets a specific mood






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






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






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






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






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






18. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






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






20. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






22. Involves an informal ranking of people based on income - occupation - education and other factors






23. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






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






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






27. 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






28. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






30. 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






31. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






32. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






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






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






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






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






37. Any item a retailer owns with monetary value






38. When a retailer looks at data that are collected to address the specific issue or problem under study






39. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






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






41. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






43. Selling goods and services to a broad spectrum of consumers






44. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






45. 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






46. The difference between net sales and the total cost of goods sold






47. 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






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






49. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






50. Actively involved with informing and persuading customers in closing sales