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. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






2. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






3. 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






4. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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






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






7. A multi-line firm operating under central ownership






8. A retailers commitment to a type of business and to a distinctive role in the marketplace






9. The line of business in which a retailer operates






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






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






12. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






13. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






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






15. Displays merchandise by common end use






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






17. Includes all the remaining customers - and they are the most widely dispersed






18. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






19. The reasons for a consumers behavior






20. The number of distinct people exposed to a retailers promotion efforts in a specific period






21. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






22. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






23. Projections of expected retail sales for given periods






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






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






26. 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






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






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






29. 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






30. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






31. The aspects of business to which a retailers must adapt






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






33. The mix of stores within a district or shopping center






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






35. The criteria used to assess effectiveness






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






37. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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38. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






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






40. 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






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






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






43. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






44. 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






45. 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)






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






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






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






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






50. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items