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 mix of stores within a district or shopping center






2. A retailer carries more items than expects to sell over a specified period






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






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






5. Financial obligations a retailer incurs in operating a business






6. The portion of revenues turned over to the federal - state and/or local government






7. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






8. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






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






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






11. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






12. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






13. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






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






15. The sum total of an individuals traits - which make that individual unique






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






17. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






18. Available within the company - sometimes from the data bank of a retail information system






19. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






20. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






21. The criteria used to assess effectiveness






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






23. Whereby suppliers sell through as many retailers as possible






24. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






25. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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






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






28. Equals the cost of merchandise available for sale minus the cost value of ending inventory






29. A retail firm owned by its customer members






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






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






32. Two or more retailers share an ad






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






34. The form of research in which present behavior or the results of past behavior are noted and recorded






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






36. 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






37. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






39. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






41. The line of business in which a retailer operates






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






43. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






44. 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






45. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






46. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






47. Doubt that the correct decision has been made






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






49. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






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