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






2. Displays merchandise by common end use






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






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






5. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






6. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






7. A planned shopping facility - with the largest store being a supermarket or a drugstore






8. Available from sources outside the firm






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






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






11. Customer orientation - coordinated effort - value driven and goal orientation






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






13. A food-based discounter offering a moderate number of food items in a no-frills setting






14. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






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






16. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






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






19. Appeals to price-conscious consumers - who must be members to shop there






20. 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






21. Money left after paying taxes and buying necessities






22. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






23. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






25. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






26. The positive - neutral or negative feelings a person has about different topics






27. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






28. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






29. Where the same customers are served by both branches






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






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






32. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






33. A large - planned shopping facility appealing to a geographically dispersed market






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






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






36. 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






37. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






38. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






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






40. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






41. A retailer purposely adjusts markups by merchandise category






42. Every store - product - or customer has an equal or known chance of being chosen for a study






43. Calls for precise rent increases over a stated period of time






44. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






45. Used by retailers that promote seasonally






46. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






48. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






49. Many retail vendors sell a range of products at discount prices in plain surroundings






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