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. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






3. A retailer purposely adjusts markups by merchandise category






4. A retailers commitment to a type of business and to a distinctive role in the marketplace






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






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






7. Represents how a given retailer is perceived by consumers and others






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






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






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






11. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






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






13. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






15. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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






17. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






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






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






20. The optimum site for a particular store






21. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






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






23. Focuses on the sale of tangible phoducts






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






25. The cost of running a retail business






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






27. A retailer charges the same price to all customers buying an item under similar conditions






28. 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






29. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






30. Logically assumes old merchandise is sold first - while newer items remain in inventory






31. The basic format or structure of a business






32. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






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






35. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






36. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






37. Projections of expected retail sales for given periods






38. 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






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






40. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






42. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






43. A formal way to record consumer requests for unstocked for out-of-stock merchandise






44. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






45. The aspects of business that a firm can directly affect






46. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






47. A large - planned shopping facility appealing to a geographically dispersed market






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






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






50. Used by retailers that promote throughout the year