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. Payments that retailers require of vendors for providing shelf space






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






3. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






4. Refers to the variety in any one good/service (product line) a retailer carries






5. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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






7. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






8. An unincorporated retail firm owned by one person






9. An inexpensive display that leaves merchandise in the original carton






10. Embodied by a series of activities and processes that provides a certain value for the consumer






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






12. The line of business in which a retailer operates






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






14. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






15. When a retailer acts in the best interests of society - as well as itself






16. A retailers carries complementary goods and services to encourage shoppers to buy more






17. 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






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






19. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






20. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






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






22. Consists of the regular products carried by a retailer






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






24. Includes all the remaining customers - and they are the most widely dispersed






25. The overall plan or framework of action that guides a retailer






26. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






28. 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






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






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






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






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






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






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






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






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






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






38. 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)






39. Information is systematically gathered from respondents by communicating with them






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






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






42. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






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






45. Beginning inventory - purchases - and transportation charges equal the cost of this






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






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






48. the drive within people to attain work-related goals - can be positive or negative






49. 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






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