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. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






2. The criteria used to assess effectiveness






3. 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






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






5. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






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






7. Systematically lists all operating functions to be performed - their characteristics - and their timing






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






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






10. 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






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






12. 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






13. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






14. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






15. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






17. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






18. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






19. Where a consumer must pay the bill in full when it is due






20. The aspects of business to which a retailers must adapt






21. 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






22. 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






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






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






25. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






26. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






27. The reasons for a consumers behavior






28. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






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






31. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






32. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






33. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






34. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






36. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






37. A retailer purposely adjusts markups by merchandise category






38. 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






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






40. Whereby franchisors limit franchisee involvement in the strategic planning process






41. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






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






43. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






44. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






45. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






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






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






49. A listing of bipolar adjectives scales






50. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items