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






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






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






4. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






6. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






7. Doubt that the correct decision has been made






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






9. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






11. Any item a retailer owns with monetary value






12. The cost of running a retail business






13. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






14. Incorporates life stages for both family and non-family households






15. Merchandise that generates high sales over a short time






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






17. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






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






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






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






22. Typically supervises the on-floor selling and operational activities for a specific retail department






23. Whereby suppliers sell through as many retailers as possible






24. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






25. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






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






28. 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






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






30. When retailers count on suppliers to participate in their inventory management programs






31. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






32. Selling goods and services to a broad spectrum of consumers






33. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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34. A retailers best customers






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






36. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






37. Refers to the number of distinct goods/services categories (product lines) a retailer carries






38. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






39. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






40. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






41. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






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






43. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






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






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






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






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






48. Whereby goods owned by consumers are repaired - improved - or maintained






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






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