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. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






3. The cost of running a retail business






4. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






5. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






6. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






7. A retail firm owned by its customer members






8. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






9. 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






10. A retailers best customers






11. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






13. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






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






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






16. A retailer purposely adjusts markups by merchandise category






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






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






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






20. 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






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






22. Describes how traditional family moves from bachelorhood to children to solitary retirement






23. Appeals to price-conscious consumers - who must be members to shop there






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






25. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






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 merchandising technique that some firms use to improve productivity






28. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






29. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






30. Available from sources outside the firm






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






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






33. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






34. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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






36. A retailer carries more items than expects to sell over a specified period






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






38. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






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






41. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






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






44. Consists of all the levels of independently owned businesses along a channel of distribution






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






46. Any item a retailer owns with monetary value






47. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






48. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






49. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






50. A retailer charges the same price to all customers buying an item under similar conditions