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






2. Two or more retailers share an ad






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






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






5. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






6. The optimum site for a particular store






7. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






8. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






9. Describes how traditional family moves from bachelorhood to children to solitary retirement






10. There is more interactive relationship between a franchisor and a franchisee






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






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






13. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






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






15. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






16. 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]






17. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






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






19. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






21. A manufacturer and a retailer or a wholesales and a retailer share an ad






22. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






23. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






24. Any item a retailer owns with monetary value






25. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






27. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






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






29. Involve the combination of separately owned retail firms






30. A retail firm owned by its customer members






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






32. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






33. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






34. Occurs when one consumer talks to others; can build a chain of customers






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






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






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






38. The manner of providing a job environment that encourages employee accomplishment






39. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






41. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






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






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






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






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






46. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






47. 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






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






49. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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