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. Signals or cues as to the success or failure of that each part of the strategy






2. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






3. Focuses on the sale of tangible phoducts






4. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






5. 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






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






7. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






8. Includes all the remaining customers - and they are the most widely dispersed






9. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






10. Outlines a retailer's planned expenditures for a given time based on expected performance






11. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






12. Embodied by a series of activities and processes that provides a certain value for the consumer






13. 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






14. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






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






17. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






19. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






21. The merchandise categories for which data are gathered






22. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






23. A food-based discounter offering a moderate number of food items in a no-frills setting






24. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






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






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






27. A memorized - repetitive speech given to all customers interested in a particular item






28. Whereby each department is subdivided into further categories for related types of merchandise






29. 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






30. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






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






32. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






33. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






34. A formal way to record consumer requests for unstocked for out-of-stock merchandise






35. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






36. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






38. Exhibits heavier - bulkier items than a rack holds






39. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






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






41. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






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






43. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






44. 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






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






46. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






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






49. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






50. Concentrates on selling one goods or service line - such as young women's apparel