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






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






3. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






5. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






6. 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






7. 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






8. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






10. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






11. An unincorporated retail firm owned by one person






12. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






13. Based on the original retail value assigned to merchandise less the costs of the merchandise






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






15. 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


16. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






18. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






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






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






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






23. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






24. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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






26. 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






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


28. Appeals to price-conscious consumers - who must be members to shop there






29. 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






30. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






31. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






32. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






33. The efficiency with which a retail strategy is carried out






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






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






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






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






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






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






40. A memorized - repetitive speech given to all customers interested in a particular item






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






42. the drive within people to attain work-related goals - can be positive or negative






43. 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






44. A retail firm owned by its customer members






45. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






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






47. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






48. Ways in which individual consumers and families live and spend time and money






49. 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






50. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million