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. Used by retailers that promote seasonally






2. Used for products needing special handling






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






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






5. Based on the actual prices received for merchandise sold during a time period less merchandise cost






6. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






7. Marketplace opening that exist because other retailers have not yet capitalized on them






8. The cost of running a retail business






9. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






11. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






12. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






13. Actively involved with informing and persuading customers in closing sales






14. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






15. A cash or card operated retailing format that dispenses goods and services






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






17. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






18. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






19. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






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






21. A retailers best customers






22. A retailers commitment to a type of business and to a distinctive role in the marketplace






23. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






24. 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






25. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






27. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






29. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






30. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






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






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






34. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






36. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






37. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






38. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






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






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






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






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






43. 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






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






45. Appeals to price-conscious consumers - who must be members to shop there






46. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






47. A planned shopping facility - with the largest store being a supermarket or a drugstore






48. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






49. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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