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 merchandise categories for which data are gathered






2. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






3. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






5. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






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






8. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






9. The manner of providing a job environment that encourages employee accomplishment






10. Focuses on the sale of tangible phoducts






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






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






13. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






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






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






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






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






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






19. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






20. Doubt that the correct decision has been made






21. Whereby a retailers sells to consumers through multiple retail formats






22. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






23. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






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






25. Whereby goods owned by consumers are repaired - improved - or maintained






26. Customer orientation - coordinated effort - value driven and goal orientation






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






28. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






29. Available from sources outside the firm






30. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






32. Refers to the number of distinct goods/services categories (product lines) a retailer carries






33. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






34. 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






35. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






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






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






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






39. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






41. When two or more retailers or a manufacturers/wholesalers share the advertising costs






42. 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






43. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






44. 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






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






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






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






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






49. Embodied by a series of activities and processes that provides a certain value for the consumer






50. The reasons for a consumers behavior