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






2. The basic format or structure of a business






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






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






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






6. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






7. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






8. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






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






10. A retailer sets its prices in accordance with competitors'






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






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






13. 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






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






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






16. A listing of bipolar adjectives scales






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






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






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






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






21. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






22. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






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






26. Consists of products that may have cyclical sales due to changing tastes and lifestyles






27. 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






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






29. 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






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






31. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






32. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






33. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






34. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






35. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






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






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






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






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






41. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






42. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






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






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






46. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






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






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






50. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor