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. Available from sources outside the firm






2. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






3. Signals or cues as to the success or failure of that each part of the strategy






4. 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






5. Involve the combination of separately owned retail firms






6. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






7. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






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






10. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






11. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






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






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






15. Money left after paying taxes and buying necessities






16. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






17. Graphically displays its hierarchical relationships created by a retailer






18. Involves an informal ranking of people based on income - occupation - education and other factors






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






20. The criteria used to assess effectiveness






21. 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






22. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






23. 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






24. Outlines a retailer's planned expenditures for a given time based on expected performance






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






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






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






28. Objective - quantifiable - easily identifiable and measurable population data






29. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






30. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






31. Relates to the quantites of merchandise a retailer handles during a stated period






32. Lets consumers bargain over prices; those who are good at it obtain lower prices






33. Equals the cost of merchandise available for sale minus the cost value of ending inventory






34. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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35. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






37. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






39. A multi-line firm operating under central ownership






40. A retailer purposely adjusts markups by merchandise category






41. A sign that displays the store's name






42. 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






43. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






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






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






46. 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






47. 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






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






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






50. Influence people's thought and behavior such as families - aspirational groups and membership groups






Can you answer 50 questions in 15 minutes?



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