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. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






2. Used by retailers that promote seasonally






3. The reasons for a consumers behavior






4. 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






5. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






6. Incorporates life stages for both family and non-family households






7. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






8. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






10. Factors having a high relationship with job success are given more weight than others






11. Whereby prices are marked only on shelves or signs and not on individual items






12. Occurs when one consumer talks to others; can build a chain of customers






13. Logically assumes old merchandise is sold first - while newer items remain in inventory






14. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






15. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






16. Where the same customers are served by both branches






17. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






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






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






20. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






22. The criteria used to assess effectiveness






23. Calls for all maintenance costs to be paid by the retailer






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






25. Retailers price selected items below cost to lure more customer traffic for those retailers






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






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






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






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






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






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






32. The merchandise categories for which data are gathered






33. Concentrates on selling one goods or service line - such as young women's apparel






34. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






35. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






36. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






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






38. Whereby each department is subdivided into further categories for related types of merchandise






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






40. The overall plan or framework of action that guides a retailer






41. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






42. Doubt that the correct decision has been made






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






44. Whereby suppliers sell through as many retailers as possible






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






46. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






47. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






48. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






49. Consumers feel high prices connote high quality and low prices connote low quality






50. A retailer sets its prices in accordance with competitors'