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 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






2. Focuses on the sale of tangible phoducts






3. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






4. Where the same customers are served by both branches






5. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






6. Exhibits heavier - bulkier items than a rack holds






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






8. Whereby consumers lease and use goods for specified periods of time






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






10. The activity whereby a retailer generates a list of job applicants






11. A retail firm owned by its customer members






12. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






13. The business activities involved in selling goods and services to consumers for their personal - family - or household use






14. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






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






16. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






17. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






19. The criteria used to assess effectiveness






20. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






21. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






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






24. Increases an item's original price because demand is unexpectedly high or costs are rising






25. The difference between net sales and the total cost of goods sold






26. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






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






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






29. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






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






31. Many retail vendors sell a range of products at discount prices in plain surroundings






32. Used for products needing special handling






33. Consists of the regular products carried by a retailer






34. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






35. Whereby franchisors limit franchisee involvement in the strategic planning process






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






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






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






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






40. Used by retailers that promote throughout the year






41. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






42. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






43. 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






44. Displays merchandise by common end use






45. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






46. Involves an informal ranking of people based on income - occupation - education and other factors






47. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






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






50. 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