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. Where the same customers are served by both branches






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






3. Systematically lists all operating functions to be performed - their characteristics - and their timing






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






5. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






7. Concentrates on selling one goods or service line - such as young women's apparel






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






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






10. An inexpensive display that leaves merchandise in the original carton






11. Calls for precise rent increases over a stated period of time






12. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






13. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






14. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






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






17. When a retailer looks at data that are collected to address the specific issue or problem under study






18. Graphically displays its hierarchical relationships created by a retailer






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






20. Used for products needing special handling






21. 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






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






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






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






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






26. When a retailer acts in the best interests of society - as well as itself






27. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






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






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






30. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






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






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






34. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






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






36. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






37. 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






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






39. A listing of bipolar adjectives scales






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






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






42. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






43. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






44. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






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






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






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






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






49. Objective - quantifiable - easily identifiable and measurable population data






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