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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. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






2. Two or more retailers share an ad






3. Zeroing in on one specific group






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






5. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






6. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






7. Assigns floor space on the basis of sales or profit per foot






8. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






9. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






10. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






11. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






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






14. Every store - product - or customer has an equal or known chance of being chosen for a study






15. 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






16. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






18. The service level that customers want to receive from any retailer - such as basic employee courtesy






19. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






20. The number of distinct people exposed to a retailers promotion efforts in a specific period






21. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






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






23. 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)






24. A manufacturer and a retailer or a wholesales and a retailer share an ad






25. Includes all the remaining customers - and they are the most widely dispersed






26. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






28. the drive within people to attain work-related goals - can be positive or negative






29. Consumers feel high prices connote high quality and low prices connote low quality






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






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






32. Doubt that the correct decision has been made






33. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






34. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






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






37. The portion of revenues turned over to the federal - state and/or local government






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






39. 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)






40. A memorized - repetitive speech given to all customers interested in a particular item






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






42. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






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






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






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






47. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






48. Out-of-hometown shopping - is important for both local and surrounding retailers






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






50. Whereby goods owned by consumers are repaired - improved - or maintained







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