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. 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






2. Takes a customer-centered approach and presents "solutions" rather than "products"






3. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






4. Assumes new merchandise is sold first - while older stock remains in inventory






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






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






7. The difference between net sales and the total cost of goods sold






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






9. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






11. Whereby prices are marked only on shelves or signs and not on individual items






12. A listing of bipolar adjectives scales






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






14. 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






15. A retailer sets prices for goods and services and seeks to maintain them for an extended period






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






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






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






19. 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






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






21. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






22. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






23. Consumers feel high prices connote high quality and low prices connote low quality






24. The overall plan guiding a retail firm






25. When a retailer acts in the best interests of society - as well as itself






26. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






27. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






28. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






30. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






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






33. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






34. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






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






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






37. A cash or card operated retailing format that dispenses goods and services






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






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






40. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






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






43. 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






44. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






45. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






47. The aspects of business to which a retailers must adapt






48. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






49. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






50. 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