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






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






3. Sets the guiding principles for all the merchandise decisions a retailers makes






4. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






5. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






6. Determines the floor space necessary to carry and display a proper merchandise assortment






7. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






8. 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






9. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






10. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






11. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales


12. Used by retailers that promote seasonally






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






14. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






15. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






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






18. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






20. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






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






23. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






24. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






26. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






28. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






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






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






32. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






34. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






35. Competition between manufacturers and retailers for shelf space and profits






36. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






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






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






39. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






40. Financial obligations a retailer incurs in operating a business






41. An unincorporated retail firm owned by one person






42. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






43. A retailer wants to maintain a specified ratio of goods on hand to sales






44. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






45. Available from sources outside the firm






46. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






47. 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






48. A retail firm that is formally incorporated under state law






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






50. 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