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. 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






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






3. 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]






4. 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






5. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






6. Risk is still low - but a retailer takes title on delivery and is responsible for damages






7. 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






8. the drive within people to attain work-related goals - can be positive or negative






9. Whereby goods owned by consumers are repaired - improved - or maintained






10. 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)






11. Financial obligations a retailer incurs in operating a business






12. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






15. When a retailer looks at data that are collected to address the specific issue or problem under study






16. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






18. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






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






20. The extent to which a person desires and pursues social status






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






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






23. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






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






25. 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






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






27. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






28. 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






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






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






31. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






32. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






34. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






35. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






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






38. Converts shopping from a passive activity into a more interactive one - by better engaging customers






39. Two or more retailers share an ad






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






41. 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






42. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






43. 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






44. Involves a clear statement of the topic to be studied






45. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






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






47. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






48. Consists of the regular products carried by a retailer






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






50. 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