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. 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






2. When retailers count on suppliers to participate in their inventory management programs






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






4. Embodied by a series of activities and processes that provides a certain value for the consumer






5. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






6. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






7. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






8. Used by retailers that promote seasonally






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






10. Actively involved with informing and persuading customers in closing sales






11. Represents how a given retailer is perceived by consumers and others






12. A retailers carries complementary goods and services to encourage shoppers to buy more






13. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






14. The mix of stores within a district or shopping center






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






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






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






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






19. Sets the guiding principles for all the merchandise decisions a retailers makes






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






21. 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






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






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






24. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






25. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






27. Money left after paying taxes and buying necessities






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






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






30. Whereby suppliers sell through as many retailers as possible






31. The merchandise categories for which data are gathered






32. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






33. A retail firm that is formally incorporated under state law






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






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






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






37. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






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






39. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






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






41. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






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






44. A listing of bipolar adjectives scales






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






46. Represents the total bundle of benefits offered to consumers through a channel of distribution






47. Based on the actual prices received for merchandise sold during a time period less merchandise cost






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






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






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