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






2. When retailers count on suppliers to participate in their inventory management programs






3. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






5. The difference between net sales and the total cost of goods sold






6. Merchandise that generates high sales over a short time






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






8. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






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






10. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






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






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






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






15. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






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






17. Beginning inventory - purchases - and transportation charges equal the cost of this






18. 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






19. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






20. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






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






22. Represents the total bundle of benefits offered to consumers through a channel of distribution






23. 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






24. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






25. Whereby prices are marked only on shelves or signs and not on individual items






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






27. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






28. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






29. The business activities involved in selling goods and services to consumers for their personal - family - or household use






30. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






31. The long-run and short-run performance targets a retailers hopes to attain






32. 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)






33. The aspects of business to which a retailers must adapt






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






35. 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






36. 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






37. Involves an informal ranking of people based on income - occupation - education and other factors






38. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






39. The customer group sought by a retailer






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






41. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






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






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






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






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






46. Mandates that persons with disabilities be given appropriate access to retailing facilities






47. Selling goods and services to a broad spectrum of consumers






48. Suppliers sell through a moderate number of retailers






49. Consists of products that may have cyclical sales due to changing tastes and lifestyles






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