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. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






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






4. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






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






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






7. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






8. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






9. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






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






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






12. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






13. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






14. Takes place when the consumer buys out of habit and skips steps in the purchase process






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






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






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






18. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






19. Consists of the regular products carried by a retailer






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






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






22. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






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






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






26. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






27. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






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






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






30. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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






32. the drive within people to attain work-related goals - can be positive or negative






33. Involves an informal ranking of people based on income - occupation - education and other factors






34. Systematically lists all operating functions to be performed - their characteristics - and their timing






35. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






36. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






38. A food-based discounter offering a moderate number of food items in a no-frills setting






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






40. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






42. The activity whereby a retailer generates a list of job applicants






43. A type of retail institution in which a retailers owns one retail unit






44. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






45. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






46. The reasons for a consumers behavior






47. The customer group sought by a retailer






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






49. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






50. The optimum site for a particular store