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. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






2. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






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






5. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






6. Selling goods and services to a broad spectrum of consumers






7. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






8. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






9. An unincorporated retail firm owned by one person






10. 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






11. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






12. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






13. The basic format or structure of a business






14. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






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






17. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






19. A retailers commitment to a type of business and to a distinctive role in the marketplace






20. Suppliers sell through a moderate number of retailers






21. 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






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






23. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






24. A case that holds piles of sale clothing - marked down books or other products






25. When manufacturers and wholesales seek to control the retail prices of their goods and services






26. 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






27. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






28. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






29. 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






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






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






32. Used for products needing special handling






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






34. 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






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






36. Risk is still low - but a retailer takes title on delivery and is responsible for damages






37. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






38. 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






39. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






40. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






41. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






43. Available within the company - sometimes from the data bank of a retail information system






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






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






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






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






49. Occurs when one consumer talks to others; can build a chain of customers






50. Available from sources outside the firm