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






2. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






4. Has a primarily functional use: to neatly hang or present products






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






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






7. The merchandise categories for which data are gathered






8. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






9. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






10. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






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






12. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






13. Every store - product - or customer has an equal or known chance of being chosen for a study






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






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






16. Suppliers sell through a moderate number of retailers






17. 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






18. A merchandising technique that some firms use to improve productivity






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






20. Objective - quantifiable - easily identifiable and measurable population data






21. Consists of products that sell well over nonconsecutive time periods






22. The criteria used to assess effectiveness






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






24. 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






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






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






27. Short-term selling and administrative costs in running a business






28. A retailer sets prices for goods and services and seeks to maintain them for an extended period






29. The manner of providing a job environment that encourages employee accomplishment






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






31. Out-of-hometown shopping - is important for both local and surrounding retailers






32. 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






33. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






34. 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






35. 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






36. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






38. Refers to the variety in any one good/service (product line) a retailer carries






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






40. Where the same customers are served by both branches






41. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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






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






44. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






45. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






46. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






47. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






48. A retailer purposely adjusts markups by merchandise category






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






50. 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