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. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






2. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






3. A way to collect - store and use relevant information about customers






4. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






5. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






7. 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






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






9. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






10. Whereby each department is subdivided into further categories for related types of merchandise






11. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






12. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






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






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






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






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. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






18. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






20. Selling goods and services to a broad spectrum of consumers






21. The optimum site for a particular store






22. Consumers feel high prices connote high quality and low prices connote low quality






23. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






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






25. 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






26. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






27. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






28. Increases an item's original price because demand is unexpectedly high or costs are rising






29. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






31. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






33. Zeroing in on one specific group






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






35. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






36. Relates to the quantites of merchandise a retailer handles during a stated period






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






38. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






39. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






41. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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42. 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






43. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






44. Consists of products that sell well over nonconsecutive time periods






45. 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






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






47. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






48. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






49. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






50. The efficiency with which a retail strategy is carried out