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. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






3. A planned shopping facility - with the largest store being a supermarket or a drugstore






4. There is more interactive relationship between a franchisor and a franchisee






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






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






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






8. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






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






11. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






12. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






14. The customer group sought by a retailer






15. 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)






16. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






17. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






19. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






20. The reasons for a consumers behavior






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






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






23. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






24. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






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






27. The overall plan guiding a retail firm






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






29. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






30. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






31. Used by retailers that promote seasonally






32. 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






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






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






35. An inexpensive display that leaves merchandise in the original carton






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






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






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






39. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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






41. A retailers carries complementary goods and services to encourage shoppers to buy more






42. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






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






45. 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






46. Used by retailers that promote throughout the year






47. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






48. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






49. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






50. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business