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 tied it promotion budge to revenue and develops a promotion to sales ratio






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






3. A retailers has no risk because title is not taken; the supplier owns the goods until sold






4. 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






5. A retailer carries more items than expects to sell over a specified period






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






7. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






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






9. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






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






11. Factors having a high relationship with job success are given more weight than others






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






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






14. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






15. Involves an informal ranking of people based on income - occupation - education and other factors






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. Financial obligations a retailer incurs in operating a business






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






19. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






20. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






21. Used by retailers that promote throughout the year






22. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






24. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






25. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






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






27. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






28. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






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






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






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






32. 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






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






34. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






36. 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






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






38. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






39. Retailers price selected items below cost to lure more customer traffic for those retailers






40. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales


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






42. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






44. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






45. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time


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






47. Out-of-hometown shopping - is important for both local and surrounding retailers






48. Risk is still low - but a retailer takes title on delivery and is responsible for damages






49. Whereby a retailers sells to consumers through multiple retail formats






50. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability