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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 possible benefits a retailer forgoes if it invests in one opportunity rather than another






2. Whereby suppliers sell through as many retailers as possible






3. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






4. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






6. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






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






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






10. The customer group sought by a retailer






11. 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






12. 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






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






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






15. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






17. Involves a clear statement of the topic to be studied






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






19. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






20. 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






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






22. Represents how a given retailer is perceived by consumers and others






23. A retailer carries more items than expects to sell over a specified period






24. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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






26. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






28. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






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






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






31. A retailers carries complementary goods and services to encourage shoppers to buy more






32. 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






33. The reasons for a consumers behavior






34. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






36. 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






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






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






39. The aspects of business that a firm can directly affect






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






41. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






42. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






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






45. A formal way to record consumer requests for unstocked for out-of-stock merchandise






46. A multi-line firm operating under central ownership






47. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






48. Displays merchandise by common end use






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






50. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act







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