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 illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






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






3. the drive within people to attain work-related goals - can be positive or negative






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






5. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






6. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






7. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






8. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






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






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






12. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






13. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






14. Risk is still low - but a retailer takes title on delivery and is responsible for damages






15. A food-based discounter offering a moderate number of food items in a no-frills setting






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






17. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






18. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






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






20. Competition between manufacturers and retailers for shelf space and profits






21. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






22. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






23. Money left after paying taxes and buying necessities






24. The long-run and short-run performance targets a retailers hopes to attain






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






26. 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






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






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






29. Has a primarily functional use: to neatly hang or present products






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






31. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






32. Retailers price selected items below cost to lure more customer traffic for those retailers






33. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






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






36. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






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






38. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






39. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






40. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






41. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






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






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






44. 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






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






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






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






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






49. Sets the guiding principles for all the merchandise decisions a retailers makes






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