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. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






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






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






4. 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






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






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






7. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






8. Shows the expected behavior of a good or service over its life






9. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






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






12. A retail firm that is formally incorporated under state law






13. A retailer carries more items than expects to sell over a specified period






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






15. 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)






16. Influence people's thought and behavior such as families - aspirational groups and membership groups






17. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






18. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






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






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






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






23. Exhibits heavier - bulkier items than a rack holds






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






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






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






27. 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






28. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






29. A large - planned shopping facility appealing to a geographically dispersed market






30. The portion of revenues turned over to the federal - state and/or local government






31. A multi-line firm operating under central ownership






32. 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






33. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






34. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






35. Short-term selling and administrative costs in running a business






36. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






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






39. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






40. 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






41. The customer group sought by a retailer






42. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






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






45. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






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






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






49. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






50. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs