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






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






3. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






4. Actively involved with informing and persuading customers in closing sales






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






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






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






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






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






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






11. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






13. Focuses on the sale of tangible phoducts






14. Systematically lists all operating functions to be performed - their characteristics - and their timing






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






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






17. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






19. 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






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






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






22. The business activities involved in selling goods and services to consumers for their personal - family - or household use






23. 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






24. Appeals to price-conscious consumers - who must be members to shop there






25. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






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






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






29. Refers to the variety in any one good/service (product line) a retailer carries






30. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






31. Two or more retailers share an ad






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






33. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






34. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






35. There is more interactive relationship between a franchisor and a franchisee






36. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






37. The activity whereby a retailer generates a list of job applicants






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






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






40. The overall plan guiding a retail firm






41. 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






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






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






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






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






46. The service level that customers want to receive from any retailer - such as basic employee courtesy






47. Customer orientation - coordinated effort - value driven and goal orientation






48. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






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






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