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. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






2. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






3. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






4. Actively involved with informing and persuading customers in closing sales






5. Takes place when the consumer buys out of habit and skips steps in the purchase process






6. 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






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






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






9. Typically supervises the on-floor selling and operational activities for a specific retail department






10. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






11. Influence people's thought and behavior such as families - aspirational groups and membership groups






12. A retailers best customers






13. 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






14. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






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






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






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






18. Relates to the quantites of merchandise a retailer handles during a stated period






19. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






22. A merchandising technique that some firms use to improve productivity






23. Focuses on the sale of tangible phoducts






24. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






25. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






26. 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






27. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






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






30. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






31. 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






32. Payments that retailers require of vendors for providing shelf space






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






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






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






36. 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






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






38. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






39. When a retailer looks at data that are collected to address the specific issue or problem under study






40. Assumes new merchandise is sold first - while older stock remains in inventory






41. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






42. A type of retail institution that is a department in a retail store that is rented to an outside party






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






44. A cash or card operated retailing format that dispenses goods and services






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






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






47. Merchandise that generates high sales over a short time






48. A retailer purposely adjusts markups by merchandise category






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






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