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






2. Whereby consumers lease and use goods for specified periods of time






3. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






4. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






5. Projections of expected retail sales for given periods






6. An unincorporated retail firm owned by one person






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






8. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






10. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






11. The sum total of an individuals traits - which make that individual unique






12. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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. A retailers carries complementary goods and services to encourage shoppers to buy more






15. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






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






17. 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






18. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






19. Zeroing in on one specific group






20. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






21. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






22. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






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






25. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






26. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






27. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






28. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






29. Relates to the quantites of merchandise a retailer handles during a stated period






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






31. Money left after paying taxes and buying necessities






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. Focuses on the sale of tangible phoducts






34. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






35. Available from sources outside the firm






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






37. Used by retailers that promote seasonally






38. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






39. Involve the combination of separately owned retail firms






40. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






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






42. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






44. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






45. Doubt that the correct decision has been made






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






47. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






49. 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






50. Merchandise that generates high sales over a short time