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






2. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






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






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






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






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






7. 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






8. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






9. Merchandise that generates high sales over a short time






10. Has a primarily functional use: to neatly hang or present products






11. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






12. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






13. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






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






16. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






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






18. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






19. Projections of expected retail sales for given periods






20. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






21. The aspects of business that a firm can directly affect






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






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






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






25. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






26. Zeroing in on one specific group






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






28. 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






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






30. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






31. 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






32. The overall plan or framework of action that guides a retailer






33. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






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






35. Appeals to price-conscious consumers - who must be members to shop there






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






37. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






39. Every store - product - or customer has an equal or known chance of being chosen for a study






40. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






42. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






43. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






44. Involves an informal ranking of people based on income - occupation - education and other factors






45. 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






46. 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






47. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






49. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






50. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business