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






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






3. Used by retailers that promote throughout the year






4. 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






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






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






7. Used by retailers that promote seasonally






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






9. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






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






12. When manufacturers and wholesales seek to control the retail prices of their goods and services






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






14. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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






16. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






17. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






18. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






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






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






21. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






22. 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






23. 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






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






25. 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






26. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






27. Exhibits heavier - bulkier items than a rack holds






28. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






29. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






30. Where a consumer must pay the bill in full when it is due






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






32. Graphically displays its hierarchical relationships created by a retailer






33. Retailers price selected items below cost to lure more customer traffic for those retailers






34. 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






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






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






37. A retailers has no risk because title is not taken; the supplier owns the goods until sold






38. Available within the company - sometimes from the data bank of a retail information system






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






40. Information is systematically gathered from respondents by communicating with them






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






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






43. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






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






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






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






47. 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






48. Whereby franchisors limit franchisee involvement in the strategic planning process






49. 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






50. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers







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