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. 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






2. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






3. The reasons for a consumers behavior






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






5. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






6. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






7. Payments that retailers require of vendors for providing shelf space






8. 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]






9. Ways in which individual consumers and families live and spend time and money






10. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






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






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






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






14. 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






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






16. The portion of revenues turned over to the federal - state and/or local government






17. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






18. A form of multi-channel retailing which engages in more than one type of distribution arrangement






19. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






20. The customer group sought by a retailer






21. A retailer sets its prices in accordance with competitors'






22. 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






23. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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






25. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






26. 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






27. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






28. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






29. Short-term selling and administrative costs in running a business






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






31. 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






32. A retailers best customers






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






34. Influence people's thought and behavior such as families - aspirational groups and membership groups






35. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






36. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






37. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






38. Typically supervises the on-floor selling and operational activities for a specific retail department






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






40. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






41. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






42. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






44. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






45. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






46. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






48. Any item a retailer owns with monetary value






49. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






50. The aspects of business that a firm can directly affect