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






2. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






4. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






5. 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






6. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






7. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






8. Signals or cues as to the success or failure of that each part of the strategy






9. The optimum site for a particular store






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






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






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






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






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






15. 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






16. The overall plan guiding a retail firm






17. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






19. Whereby a retailers sells to consumers through multiple retail formats






20. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






22. When a retailer acts in the best interests of society - as well as itself






23. The long-run and short-run performance targets a retailers hopes to attain






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






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






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






27. A retailer carries more items than expects to sell over a specified period






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






29. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






30. 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






31. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






32. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






33. Where a consumer must pay the bill in full when it is due






34. A retailer sets its prices in accordance with competitors'






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






36. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






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






38. Financial obligations a retailer incurs in operating a business






39. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






40. Involves oral communication with one or more prospective customers for the purpose of making a sale






41. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






42. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






43. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






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






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






47. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






49. A multi-line firm operating under central ownership






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