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. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






3. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






5. A listing of bipolar adjectives scales






6. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






7. Involve the combination of separately owned retail firms






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






9. Used for products needing special handling






10. 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)






11. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






12. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






13. 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






14. Whereby suppliers sell through as many retailers as possible






15. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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






17. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






18. The extent to which a person desires and pursues social status






19. Represents the total bundle of benefits offered to consumers through a channel of distribution






20. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






21. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






22. Based on the actual prices received for merchandise sold during a time period less merchandise cost






23. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






24. Used by retailers that promote throughout the year






25. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






26. Involves a clear statement of the topic to be studied






27. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






28. The sum total of an individuals traits - which make that individual unique






29. 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






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






31. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






32. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






33. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






34. 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






35. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






36. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






38. Incorporates life stages for both family and non-family households






39. Sets the guiding principles for all the merchandise decisions a retailers makes






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






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






42. When two or more retailers or a manufacturers/wholesalers share the advertising costs






43. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






45. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






46. 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






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






48. Any item a retailer owns with monetary value






49. The reasons for a consumers behavior






50. The business activities involved in selling goods and services to consumers for their personal - family - or household use