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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. Customer orientation - coordinated effort - value driven and goal orientation






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






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






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






5. 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






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






7. Depicts a product offering in a thematic manner and sets a specific mood






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






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






10. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






11. The manner of providing a job environment that encourages employee accomplishment






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






13. Consists of the regular products carried by a retailer






14. Whereby suppliers sell through as many retailers as possible






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






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






17. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






18. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






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






20. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






21. The merchandise categories for which data are gathered






22. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






23. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






24. 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)






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






26. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






28. Used by retailers that promote throughout the year






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






30. The overall plan guiding a retail firm






31. Used by retailers that promote seasonally






32. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






34. Converts shopping from a passive activity into a more interactive one - by better engaging customers






35. Involves oral communication with one or more prospective customers for the purpose of making a sale






36. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






38. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






39. The customer group sought by a retailer






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






41. 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






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






43. Risk is still low - but a retailer takes title on delivery and is responsible for damages






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






45. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






46. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






47. Money left after paying taxes and buying necessities






48. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






50. Reward a retailers best customers - those with whom it wants long-lasting relationships with







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Can you answer 50 questions in 15 minutes?


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