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. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






3. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






4. Shows the expected behavior of a good or service over its life






5. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






7. 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






8. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






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






10. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






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






12. The criteria used to assess effectiveness






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






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






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






16. The overall plan guiding a retail firm






17. 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






18. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






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






20. Involve the combination of separately owned retail firms






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






22. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






24. 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






25. 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






26. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






27. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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28. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






29. 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






30. 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






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






32. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






33. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






34. 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






35. Where a consumer must pay the bill in full when it is due






36. 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






37. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






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






40. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






41. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






43. 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






44. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






45. Information is systematically gathered from respondents by communicating with them






46. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






47. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






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






50. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items







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