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. Used by retailers that promote throughout the year






2. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






3. 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






4. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






5. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






6. A large - planned shopping facility appealing to a geographically dispersed market






7. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






8. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






9. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






10. A sign that displays the store's name






11. A listing of bipolar adjectives scales






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






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






14. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






15. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






16. Available from sources outside the firm






17. A retailer sets its prices in accordance with competitors'






18. The difference between net sales and the total cost of goods sold






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






20. The number of distinct people exposed to a retailers promotion efforts in a specific period






21. Mandates that persons with disabilities be given appropriate access to retailing facilities






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






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






24. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






25. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






26. A retailer carries more items than expects to sell over a specified period






27. A multi-line firm operating under central ownership






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






29. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






30. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






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






33. A retail firm owned by its customer members






34. 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






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






36. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






38. A retailer sets prices for goods and services and seeks to maintain them for an extended period






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






40. Doubt that the correct decision has been made






41. 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






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






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






44. The customer group sought by a retailer






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






46. 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






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






48. Exhibits heavier - bulkier items than a rack holds






49. Occurs when one consumer talks to others; can build a chain of customers






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