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. Based on the actual prices received for merchandise sold during a time period less merchandise cost






2. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






3. Consumers feel high prices connote high quality and low prices connote low quality






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






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






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






7. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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






9. 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






10. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






11. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






13. Any item a retailer owns with monetary value






14. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






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






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






18. Involves an informal ranking of people based on income - occupation - education and other factors






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






20. Payments that retailers require of vendors for providing shelf space






21. 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






22. Used by retailers that promote seasonally






23. 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)






24. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






25. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






27. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






28. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






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






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






31. The manner of providing a job environment that encourages employee accomplishment






32. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






33. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






34. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






35. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






36. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






38. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






39. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






41. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






42. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






43. The customer group sought by a retailer






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






45. Calls for all maintenance costs to be paid by the retailer






46. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






47. A type of retail institution that is a department in a retail store that is rented to an outside party






48. Information is systematically gathered from respondents by communicating with them






49. Factors having a high relationship with job success are given more weight than others






50. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations