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. The basic format or structure of a business






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






3. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






4. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






5. 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






6. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






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






9. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






11. 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






12. 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






13. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






14. 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






15. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






17. Exhibits heavier - bulkier items than a rack holds






18. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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 special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






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






22. Consists of the regular products carried by a retailer






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






24. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






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






26. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






27. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






28. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






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






30. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






31. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






32. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






33. 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






34. Occurs when one consumer talks to others; can build a chain of customers






35. A multi-line firm operating under central ownership






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






37. An inexpensive display that leaves merchandise in the original carton






38. The overall plan or framework of action that guides a retailer






39. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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






41. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






42. Used for products needing special handling






43. Money left after paying taxes and buying necessities






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






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






46. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






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






49. Merchandise that generates high sales over a short time






50. Focuses on the sale of tangible phoducts