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






2. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






3. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






5. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






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






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






8. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






9. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






10. A retailer wants to maintain a specified ratio of goods on hand to sales






11. 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






12. Money left after paying taxes and buying necessities






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






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






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






16. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






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






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






19. 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






20. A retailer purposely adjusts markups by merchandise category






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






22. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






23. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






24. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






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






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






28. 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)






29. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






30. 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






31. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






33. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






34. Many retail vendors sell a range of products at discount prices in plain surroundings






35. Typically supervises the on-floor selling and operational activities for a specific retail department






36. Occurs when a consumer makes full use of the decision process






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






38. Based on the original retail value assigned to merchandise less the costs of the merchandise






39. Retailers price selected items below cost to lure more customer traffic for those retailers






40. Consists of all the levels of independently owned businesses along a channel of distribution






41. 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






42. A retail firm owned by its customer members






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






44. A manufacturer and a retailer or a wholesales and a retailer share an ad






45. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






46. Focuses on the sale of tangible phoducts






47. Where the same customers are served by both branches






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






49. 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)






50. Used by retailers that promote seasonally