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. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






3. Equals the cost of merchandise available for sale minus the cost value of ending inventory






4. The reasons for a consumers behavior






5. Many retail vendors sell a range of products at discount prices in plain surroundings






6. The basic format or structure of a business






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






8. A type of retail institution in which a retailers owns one retail unit






9. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






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






11. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






12. The form of research in which present behavior or the results of past behavior are noted and recorded






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






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






15. 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






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






17. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






18. Increases an item's original price because demand is unexpectedly high or costs are rising






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






20. The merchandise categories for which data are gathered






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






22. A retail firm owned by its customer members






23. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






24. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






25. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






26. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






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






28. A cash or card operated retailing format that dispenses goods and services






29. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






31. The line of business in which a retailer operates






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






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






34. Calls for precise rent increases over a stated period of time






35. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






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






38. Reward a retailers best customers - those with whom it wants long-lasting relationships with






39. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






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






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






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






43. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






45. Consists of the regular products carried by a retailer






46. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






47. Shows the expected behavior of a good or service over its life






48. Merchandise that generates high sales over a short time






49. Outlines a retailer's planned expenditures for a given time based on expected performance






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