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






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






3. 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






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






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






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






7. 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






8. A retailers best customers






9. 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






10. 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






11. Takes a customer-centered approach and presents "solutions" rather than "products"






12. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






13. Takes place when the consumer buys out of habit and skips steps in the purchase process






14. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






15. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






16. Projections of expected retail sales for given periods






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






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






19. The positive - neutral or negative feelings a person has about different topics






20. An unincorporated retail firm owned by two or more persons - each with a financial interest






21. Assumes new merchandise is sold first - while older stock remains in inventory






22. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






23. A large - planned shopping facility appealing to a geographically dispersed market






24. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






25. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






26. Doubt that the correct decision has been made






27. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






28. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






29. 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






30. The basic format or structure of a business






31. 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






32. A retailer purposely adjusts markups by merchandise category






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






34. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






35. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






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






37. Financial obligations a retailer incurs in operating a business






38. Reward a retailers best customers - those with whom it wants long-lasting relationships with






39. The criteria used to assess effectiveness






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






41. A retailer sets prices for goods and services and seeks to maintain them for an extended period






42. 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






43. Assigns floor space on the basis of sales or profit per foot






44. Graphically displays its hierarchical relationships created by a retailer






45. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






47. Whereby consumers lease and use goods for specified periods of time






48. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






49. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






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







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