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 unincorporated retail firm owned by two or more persons - each with a financial interest






2. A form of multi-channel retailing which engages in more than one type of distribution arrangement






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






4. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






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






6. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






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






8. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






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






10. A case that holds piles of sale clothing - marked down books or other products






11. Objective - quantifiable - easily identifiable and measurable population data






12. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






14. 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






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






16. Every store - product - or customer has an equal or known chance of being chosen for a study






17. Occurs when a consumer makes full use of the decision process






18. A retail firm that is formally incorporated under state law






19. 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






20. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






22. 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






23. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






25. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






26. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






28. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






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






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






31. A retailer sets prices for goods and services and seeks to maintain them for an extended period






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






33. 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






34. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






35. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






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






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






38. Takes a customer-centered approach and presents "solutions" rather than "products"






39. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






40. Displays merchandise by common end use






41. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






42. 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






43. Merchandise that generates high sales over a short time






44. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






45. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






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






47. Includes all the remaining customers - and they are the most widely dispersed






48. Consists of products that sell well over nonconsecutive time periods






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






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