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. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






2. Money left after paying taxes and buying necessities






3. Whereby consumers lease and use goods for specified periods of time






4. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






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






6. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






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






8. Involve the combination of separately owned retail firms






9. Used for products needing special handling






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






11. Relates to the quantites of merchandise a retailer handles during a stated period






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






13. Based on the original retail value assigned to merchandise less the costs of the merchandise






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. A food-based discounter offering a moderate number of food items in a no-frills setting






16. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






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






19. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






20. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






22. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






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






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






26. The profit earned after all costs and taxes have been deducted






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






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






29. 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






30. Payments that retailers require of vendors for providing shelf space






31. A type of retail institution that is a department in a retail store that is rented to an outside party






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






33. The merchandise categories for which data are gathered






34. 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






35. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






36. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






37. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






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






39. Depicts a product offering in a thematic manner and sets a specific mood






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






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






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






43. The customer group sought by a retailer






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






45. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






46. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






47. The reasons for a consumers behavior






48. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






49. Marketplace opening that exist because other retailers have not yet capitalized on them






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