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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. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






2. Refers to the variety in any one good/service (product line) a retailer carries






3. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






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






5. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






6. Competition between manufacturers and retailers for shelf space and profits






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






8. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






9. 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






10. 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






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






12. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






13. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






14. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






15. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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






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






18. The mix of stores within a district or shopping center






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






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






21. 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






22. The reasons for a consumers behavior






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






24. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






25. A cash or card operated retailing format that dispenses goods and services






26. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






27. A listing of bipolar adjectives scales






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






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






30. 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






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






32. The activity whereby a retailer generates a list of job applicants






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






34. Relates to the quantites of merchandise a retailer handles during a stated period






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






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






37. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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. Whereby a retailers sells to consumers through multiple retail formats






40. A planned shopping facility - with the largest store being a supermarket or a drugstore






41. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






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






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






45. Whereby consumers lease and use goods for specified periods of time






46. The sum total of an individuals traits - which make that individual unique






47. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






48. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






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






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







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