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 retailers commitment to a type of business and to a distinctive role in the marketplace






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






3. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






4. Beginning inventory - purchases - and transportation charges equal the cost of this






5. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






6. The sum total of an individuals traits - which make that individual unique






7. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






8. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






9. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






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






12. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






13. 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






14. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






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






17. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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






19. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






21. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






22. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






24. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






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






26. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






27. 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






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






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






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






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






32. The overall plan or framework of action that guides a retailer






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






34. The overall plan guiding a retail firm






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






36. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






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






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






39. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






41. 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






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






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






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






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






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






47. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






48. 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






49. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






50. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products