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Retail Management
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Avg score: 30% • Most missed: “The identifiable - but sometime intangible - activities undertaken by a retailer…”
Retail Management
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25 Questions

1. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees

2. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs

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

4. Payments that retailers require of vendors for providing shelf space

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

6. The extent to which a person desires and pursues social status

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

8. 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

9. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff

10. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts

11. Calls for precise rent increases over a stated period of time

12. Mandates that persons with disabilities be given appropriate access to retailing facilities

13. Suppliers sell through a moderate number of retailers

14. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals

15. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)

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

17. 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

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

19. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock

20. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response

21. Stores - product - or customers are chosen by the researcher - based on judgement or convenience

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

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

24. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase

25. Whereby prices are marked only on shelves or signs and not on individual items

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