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. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






2. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






3. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






4. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






5. 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






6. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






7. 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






8. 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






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






10. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






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






12. When retailers count on suppliers to participate in their inventory management programs






13. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






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






15. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






16. A retail firm owned by its customer members






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






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






19. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






21. A retailers has no risk because title is not taken; the supplier owns the goods until sold






22. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






23. The aspects of business to which a retailers must adapt






24. A sign that displays the store's name






25. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






26. 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






27. 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






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






29. A listing of bipolar adjectives scales






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






31. A way to collect - store and use relevant information about customers






32. Exhibits heavier - bulkier items than a rack holds






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






34. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






35. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






36. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






37. 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






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






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






40. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






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






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






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






44. 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






45. 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






46. Suppliers sell through a moderate number of retailers






47. A retailer wants to maintain a specified ratio of goods on hand to sales






48. Signals or cues as to the success or failure of that each part of the strategy






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






50. A retailers carries complementary goods and services to encourage shoppers to buy more