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






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






3. Any item a retailer owns with monetary value






4. 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






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






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






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






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






9. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






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






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






12. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






13. 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






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






15. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






16. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






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






18. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






19. Whereby suppliers sell through as many retailers as possible






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






21. A memorized - repetitive speech given to all customers interested in a particular item






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






23. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






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






25. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






26. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






27. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






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






30. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






32. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






33. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






34. The criteria used to assess effectiveness






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






36. Involves oral communication with one or more prospective customers for the purpose of making a sale






37. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






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






39. 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






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






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






42. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






43. 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






44. Involve the combination of separately owned retail firms






45. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






46. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






47. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






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






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






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