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






2. 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






3. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






4. Systematically lists all operating functions to be performed - their characteristics - and their timing






5. 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






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






7. The extent to which a person desires and pursues social status






8. 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






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






10. Focuses on the sale of tangible phoducts






11. 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






12. Graphically displays its hierarchical relationships created by a retailer






13. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






14. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






15. 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






16. The positive - neutral or negative feelings a person has about different topics






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






18. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






19. Where a consumer must pay the bill in full when it is due






20. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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






22. 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






23. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






24. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






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






26. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






27. A retailer sets prices for goods and services and seeks to maintain them for an extended period






28. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






29. The line of business in which a retailer operates






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






31. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






32. Consists of the regular products carried by a retailer






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






34. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






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






37. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






38. When a retailer acts in the best interests of society - as well as itself






39. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






40. When manufacturers and wholesales seek to control the retail prices of their goods and services






41. The aspects of business that a firm can directly affect






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






43. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






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






45. 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






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






47. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






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






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






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