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. 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






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






3. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






4. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






5. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






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






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






9. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






11. A planned shopping facility - with the largest store being a supermarket or a drugstore






12. 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






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






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






15. A case that holds piles of sale clothing - marked down books or other products






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






17. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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






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






20. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






22. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






24. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






25. A retailer sets prices for goods and services and seeks to maintain them for an extended period






26. Occurs when one consumer talks to others; can build a chain of customers






27. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






28. A formal way to record consumer requests for unstocked for out-of-stock merchandise






29. A cash or card operated retailing format that dispenses goods and services






30. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






32. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






34. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






35. The criteria used to assess effectiveness






36. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






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






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






39. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






41. Calls for precise rent increases over a stated period of time






42. 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






43. Takes a customer-centered approach and presents "solutions" rather than "products"






44. Calls for all maintenance costs to be paid by the retailer






45. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






46. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






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






48. Assumes new merchandise is sold first - while older stock remains in inventory






49. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






50. The mix of stores within a district or shopping center