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. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






2. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






3. 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






4. The sum total of an individuals traits - which make that individual unique






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






6. 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






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






8. 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






9. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






10. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






11. 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






12. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






13. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






14. 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






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






16. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






18. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






19. Projections of expected retail sales for given periods






20. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






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






22. 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)






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






24. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






25. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






27. Graphically displays its hierarchical relationships created by a retailer






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






29. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






30. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






31. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






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






34. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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






36. Influence people's thought and behavior such as families - aspirational groups and membership groups






37. The efficiency with which a retail strategy is carried out






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






39. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






40. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






41. Embodied by a series of activities and processes that provides a certain value for the consumer






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






43. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






44. A retailers commitment to a type of business and to a distinctive role in the marketplace






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






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






47. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






48. 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






49. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






50. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point