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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. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






2. Information is systematically gathered from respondents by communicating with them






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






4. The merchandise categories for which data are gathered






5. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






6. Two or more retailers share an ad






7. 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






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






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






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






11. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






13. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






14. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






15. Increases an item's original price because demand is unexpectedly high or costs are rising






16. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






17. Represents how a given retailer is perceived by consumers and others






18. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






19. A multi-line firm operating under central ownership






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






21. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






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






24. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






26. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






27. Systematically lists all operating functions to be performed - their characteristics - and their timing






28. Involves a clear statement of the topic to be studied






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






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






31. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






32. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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






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






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






36. A large - planned shopping facility appealing to a geographically dispersed market






37. The aspects of business to which a retailers must adapt






38. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






39. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






41. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






43. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






44. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






46. Used by retailers that promote throughout the year






47. Doubt that the correct decision has been made






48. 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






49. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






50. 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







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Can you answer 50 questions in 15 minutes?


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