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 shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






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






4. Consumers feel high prices connote high quality and low prices connote low quality






5. 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






6. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






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






9. 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






10. 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






11. When two or more retailers or a manufacturers/wholesalers share the advertising costs






12. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






13. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






15. Influence people's thought and behavior such as families - aspirational groups and membership groups






16. The portion of revenues turned over to the federal - state and/or local government






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






18. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






20. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






21. The merchandise categories for which data are gathered






22. A retailer charges the same price to all customers buying an item under similar conditions






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






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






25. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






26. A sign that displays the store's name






27. When manufacturers and wholesales seek to control the retail prices of their goods and services






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






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






30. Projections of expected retail sales for given periods






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






32. The form of research in which present behavior or the results of past behavior are noted and recorded






33. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






34. There is more interactive relationship between a franchisor and a franchisee






35. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






36. A retailer purposely adjusts markups by merchandise category






37. The business activities involved in selling goods and services to consumers for their personal - family - or household use






38. 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






39. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






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






41. Takes a customer-centered approach and presents "solutions" rather than "products"






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






43. Used for products needing special handling






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






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






46. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






47. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






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






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






50. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either