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






2. 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






3. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






4. Signals or cues as to the success or failure of that each part of the strategy






5. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






6. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






8. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales


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






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






11. Concentrates on selling one goods or service line - such as young women's apparel






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






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






14. Assumes new merchandise is sold first - while older stock remains in inventory






15. 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






16. Whereby each department is subdivided into further categories for related types of merchandise






17. 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






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






19. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






20. Represents the total bundle of benefits offered to consumers through a channel of distribution






21. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






22. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






23. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






24. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






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






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






28. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






29. A listing of bipolar adjectives scales






30. 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






31. Payments that retailers require of vendors for providing shelf space






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






33. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






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






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






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






38. 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






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






40. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






41. A form of multi-channel retailing which engages in more than one type of distribution arrangement






42. The reasons for a consumers behavior






43. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






44. The difference between net sales and the total cost of goods sold






45. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






46. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






47. Whereby suppliers sell through as many retailers as possible






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






49. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






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