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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. The basic format or structure of a business






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






3. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






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






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






7. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






8. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






9. Depicts a product offering in a thematic manner and sets a specific mood






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






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






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






13. A cash or card operated retailing format that dispenses goods and services






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






15. Calls for all maintenance costs to be paid by the retailer






16. 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






17. Consists of products that may have cyclical sales due to changing tastes and lifestyles






18. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






19. Competition between manufacturers and retailers for shelf space and profits






20. Whereby prices are marked only on shelves or signs and not on individual items






21. The line of business in which a retailer operates






22. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






23. 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






24. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






25. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






26. A merchandising technique that some firms use to improve productivity






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






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






29. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






30. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






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






32. Where the same customers are served by both branches






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






34. Financial obligations a retailer incurs in operating a business






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






36. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






38. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






40. The activity whereby a retailer generates a list of job applicants






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






42. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






43. 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






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






45. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






46. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






47. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






49. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






50. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






Can you answer 50 questions in 15 minutes?



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