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






2. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






3. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






4. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






5. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






6. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






7. The profit earned after all costs and taxes have been deducted






8. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






9. Whereby suppliers sell through as many retailers as possible






10. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






11. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






12. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






13. Used by retailers that promote seasonally






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






15. Merchandise that generates high sales over a short time






16. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






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






18. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






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






20. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






21. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






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






24. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






25. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






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






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






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






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






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. Used by retailers that promote throughout the year






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






33. The cost of running a retail business






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






35. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






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






37. Available from sources outside the firm






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






39. A case that holds piles of sale clothing - marked down books or other products






40. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






41. 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






42. A retailer purposely adjusts markups by merchandise category






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






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






45. 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






46. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






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






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