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. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






3. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






4. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






6. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






7. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






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






10. Based on the original retail value assigned to merchandise less the costs of the merchandise






11. A multi-line firm operating under central ownership






12. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






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






15. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






16. The line of business in which a retailer operates






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






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






19. Objective - quantifiable - easily identifiable and measurable population data






20. Whereby prices are marked only on shelves or signs and not on individual items






21. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






22. 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






23. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






24. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






25. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






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






27. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






28. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






29. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






30. 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






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






32. Places together various items that appeal to a given target market






33. Depicts a product offering in a thematic manner and sets a specific mood






34. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






36. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






37. Merchandise that generates high sales over a short time






38. 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






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






40. Doubt that the correct decision has been made






41. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






42. A memorized - repetitive speech given to all customers interested in a particular item






43. A retailer sets its prices in accordance with competitors'






44. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






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






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






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






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






50. 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