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. Out-of-hometown shopping - is important for both local and surrounding retailers






2. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






3. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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






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






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






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






8. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






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






11. Typically supervises the on-floor selling and operational activities for a specific retail department






12. A listing of bipolar adjectives scales






13. A formal way to record consumer requests for unstocked for out-of-stock merchandise






14. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






15. 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






16. A multi-line firm operating under central ownership






17. Involve the combination of separately owned retail firms






18. Merchandise that generates high sales over a short time






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






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






21. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






22. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






24. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






25. 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






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






27. The criteria used to assess effectiveness






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






29. Focuses on the sale of tangible phoducts






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






31. The optimum site for a particular store






32. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






33. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






35. The positive - neutral or negative feelings a person has about different topics






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






37. The line of business in which a retailer operates






38. Has a primarily functional use: to neatly hang or present products






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






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






41. Displays merchandise by common end use






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






43. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






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






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






47. 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






48. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






49. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






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