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






2. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






3. The efficiency with which a retail strategy is carried out






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






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






6. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






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






8. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






9. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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. Financial obligations a retailer incurs in operating a business






12. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






13. Based on the actual prices received for merchandise sold during a time period less merchandise cost






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






15. Objective - quantifiable - easily identifiable and measurable population data






16. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






17. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






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






20. Consists of all the levels of independently owned businesses along a channel of distribution






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






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






23. A listing of bipolar adjectives scales






24. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






25. 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






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






27. 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






28. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






30. A multi-line firm operating under central ownership






31. 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






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






33. Consists of the regular products carried by a retailer






34. Consists of products that sell well over nonconsecutive time periods






35. When a retailer looks at data that are collected to address the specific issue or problem under study






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






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






38. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






40. The service level that customers want to receive from any retailer - such as basic employee courtesy






41. Any item a retailer owns with monetary value






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






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






44. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






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






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






47. 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






48. 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






49. The cost of running a retail business






50. Displays merchandise by common end use