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. Involve the combination of separately owned retail firms






2. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






3. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






4. 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






5. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






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






7. Projections of expected retail sales for given periods






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






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






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






11. A type of retail institution that is a department in a retail store that is rented to an outside party






12. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






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






14. Consists of products that may have cyclical sales due to changing tastes and lifestyles






15. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






16. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






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






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






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






20. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






21. Embodied by a series of activities and processes that provides a certain value for the consumer






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






23. An unincorporated retail firm owned by one person






24. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






26. Incorporates life stages for both family and non-family households






27. A case that holds piles of sale clothing - marked down books or other products






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






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






30. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






31. A retailer wants to maintain a specified ratio of goods on hand to sales






32. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






34. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






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






36. Refers to the number of distinct goods/services categories (product lines) a retailer carries






37. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






38. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






39. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






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






42. Used by retailers that promote seasonally






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






44. Factors having a high relationship with job success are given more weight than others






45. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






47. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






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






50. Sets the guiding principles for all the merchandise decisions a retailers makes