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. 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






2. 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






3. The line of business in which a retailer operates






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






5. Lets consumers bargain over prices; those who are good at it obtain lower prices






6. Takes place when the consumer buys out of habit and skips steps in the purchase process






7. Determines the floor space necessary to carry and display a proper merchandise assortment






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






9. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






10. Two or more retailers share an ad






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






12. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






13. Logically assumes old merchandise is sold first - while newer items remain in inventory






14. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






15. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






16. A form of multi-channel retailing which engages in more than one type of distribution arrangement






17. Occurs when a consumer makes full use of the decision process






18. 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






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






20. 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






21. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






22. The number of distinct people exposed to a retailers promotion efforts in a specific period






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






24. Doubt that the correct decision has been made






25. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






26. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






27. A retailer wants to maintain a specified ratio of goods on hand to sales






28. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






29. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






30. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






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






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






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






35. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






36. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






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






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






39. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






40. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






41. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






43. Out-of-hometown shopping - is important for both local and surrounding retailers






44. 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






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






46. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






47. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






48. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






49. Many retail vendors sell a range of products at discount prices in plain surroundings






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