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






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






3. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






4. Available within the company - sometimes from the data bank of a retail information system






5. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






6. 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






7. 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






8. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






10. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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11. The overall plan guiding a retail firm






12. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






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






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






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






16. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






18. A type of retail institution in which a retailers owns one retail unit






19. 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






20. 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






21. The reasons for a consumers behavior






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






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






24. Financial obligations a retailer incurs in operating a business






25. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






26. Based on the actual prices received for merchandise sold during a time period less merchandise cost






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






28. Concentrates on selling one goods or service line - such as young women's apparel






29. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






30. An unincorporated retail firm owned by two or more persons - each with a financial interest






31. Ways in which individual consumers and families live and spend time and money






32. Whereby franchisors limit franchisee involvement in the strategic planning process






33. Any item a retailer owns with monetary value






34. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






36. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






37. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






38. 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






39. Information is systematically gathered from respondents by communicating with them






40. Typically supervises the on-floor selling and operational activities for a specific retail department






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






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






43. 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






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. Available from sources outside the firm






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






47. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






48. 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






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






50. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)