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






2. Places together various items that appeal to a given target market






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






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






5. 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






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






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






8. Projections of expected retail sales for given periods






9. A retail firm owned by its customer members






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






11. 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






12. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






14. Displays merchandise by common end use






15. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






16. 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






17. 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






18. Marketplace opening that exist because other retailers have not yet capitalized on them






19. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






20. Occurs when a consumer makes full use of the decision process






21. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






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






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






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






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






26. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






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






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






30. The customer group sought by a retailer






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






32. Determines the floor space necessary to carry and display a proper merchandise assortment






33. 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






34. Assigns floor space on the basis of sales or profit per foot






35. A sign that displays the store's name






36. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






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






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






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






40. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






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






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






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






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






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






47. Signals or cues as to the success or failure of that each part of the strategy






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






49. Involve the combination of separately owned retail firms






50. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures