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






2. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






3. Marketplace opening that exist because other retailers have not yet capitalized on them






4. Determines the floor space necessary to carry and display a proper merchandise assortment






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






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






7. 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






8. A retail firm that is formally incorporated under state law






9. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






10. 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






11. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






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






13. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






14. 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






15. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






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






17. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






18. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






19. Represents how a given retailer is perceived by consumers and others






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






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






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






23. An unincorporated retail firm owned by one person






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






25. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






26. 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






27. Money left after paying taxes and buying necessities






28. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






29. Shows the expected behavior of a good or service over its life






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






31. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






32. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






34. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






36. Assigns floor space on the basis of sales or profit per foot






37. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






38. Suppliers sell through a moderate number of retailers






39. When retailers count on suppliers to participate in their inventory management programs






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






41. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






42. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






43. A cash or card operated retailing format that dispenses goods and services






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






45. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






46. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






47. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






49. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






50. The aspects of business to which a retailers must adapt