Retail Management Concepts
Covers key retail business topics including inventory management, pricing strategies, store formats, legal considerations, and merchandising techniques
Questions
Which of the following is a method of gathering stock information by using an actual physical count and inspection of the merchandise items?
- Basic stock method
- Observation
- Popping the merchandise
- Physical inventory
- None of these
______ is a lease in which rent is based on a percentage of sales.
- Percentage lease with specified maximum
- Percentage lease with specified minimum
- Percentage of sales method
- Sales lease back
- None of these
____ is a cash register that can electronically scan a UPC code with a laser and electronically record a sale.
- Electronic agent
- Electronic article surveillance system
- End cap
- Point of sale terminal
- None of these
A location in an internet site at which customers can post comments is known as
- want book
- message board
- chatroom
- dispatcher
- None of these
_____ is a model of customer decision making based on the notion that customers see a retailer or a product as a collection of characteristics.
- Consideration set
- Habitual decision making
- Huff's model
- Cumulative attraction
- None of these
Which of the following is a practice of offering two or more similar products or services for sale at one price?
- One price policy
- Price bundling
- Multi-unit pricing
- Unit pricing
- None of these
Which of the following is a list of key items or bestsellers that are separately planned and controlled?
- Model stock list
- Never out list
- Cost code
- Cost complement
- None of these
Which of the following is the discount offered to retailers as an incentive to purchase more merchandise on a single order?
- Cumulative quantity discount
- Quantity discount
- Non-cumulative quantity discount
- Commission
- None of these
____ refers to a product liability suit that occurs if a retailer or retail employee fails to exercise the care that a prudent person usually would.
- Refusal of deal
- Negligence
- Charge back
- Delivery gap
- None of these
____ is the plan that keeps track of how much is spent in each month and how much is left to spend.
- Open-to-buy
- Spot check
- Assortment plan
- Share of wallet
- None of these
_____ is the degree to which a new fashion is visible and easily communicated to others in a social group.
- Observability
- Visibility
- Accessibility
- Identifiability
- None of these
The retail site in a major business district or mall that has the greatest exposure to a retail store's target market customers is called
- power shopping centre
- one hundred percent location
- destination store
- feature area
- None of these
______ refers to typically featured stores owned by retail chains or manufacturers that sell excess and out of season merchandise at reduced prices.
- Outlet store
- Outlet centre
- Discount anchored centre
- Discount store
- None of these
_______ is a term of sale designating that the shipper owns the merchandise until it is delivered to the retailer and is therefore, responsible for transportation and any damage claims.
- Free-on-board origin
- Term of purchase
- Term of sale
- Strict product liability
- None of these
The system in which salespeople encourage people to act as hosts and invite friends or co-workers to a party at which the merchandise is demonstrated is known as
- call system
- dating
- party plan system
- future dating
- None of these