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. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






2. 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






3. 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






4. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






5. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






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






7. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






8. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






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






10. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






11. 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






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






13. A large - planned shopping facility appealing to a geographically dispersed market






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






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. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






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






18. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






19. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






20. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






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






23. The long-run and short-run performance targets a retailers hopes to attain






24. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






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






27. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






28. Consists of products that may have cyclical sales due to changing tastes and lifestyles






29. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






30. Occurs when a consumer makes full use of the decision process






31. 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






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






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






34. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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






36. When a retailer looks at data that are collected to address the specific issue or problem under study






37. A merchandising technique that some firms use to improve productivity






38. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






39. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






40. Appeals to price-conscious consumers - who must be members to shop there






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






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






43. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






44. 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






45. Incorporates life stages for both family and non-family households






46. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






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






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






49. 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






50. The mix of stores within a district or shopping center