Retail Management Exam

The activities involved in the sale of goods and services to consumers for their personal, family or household use.

Provide the right product, in the right quantity, in the right place, at the right time, at the right price, with the right appeal, with the right service.

Includes the decision variables retailers use to satisfy customer needs and influence their purchase decisions.
1. Product 2. Price 3. Promotion 4. Place

SKA (Stockkeeping unit)
A unique identifier for each product and service to be purchased. Used for data management, enabling the store to systematically track its inventory and products, and its availability.

Retailers that offer a broad variety of merchandise, limited service, and low prices.

Large, limited service retailers.

Universal Product Code (UPC)
The black and white bar code found on most merchandise; used to collect sales information at the point of sale using computer terminals that read the code. This information is transmitted computer to computer to buyers, distribution center, and then to vendors, who in turn quickly ship replenishment merchandise.

A geographic sector that contains potential customer for a particular retailer or shopping center.

A self service food store offering groceries, meat and produce with limited sales of nonfood items, such as health and beauty aids and general merchandise.

The fastest growing retail category, are large stores that combine a supermarket with a full-line discount store.

Large combination food and general merchandise stores

Retailers that offer a limited and irregular assortment of food and general merchandise with little service at low prices for ultimate consumers and small businesses.

Provide a limited variety and assortment of merchandise at a convenient location in 2000-3000 sq ft., stores with speedy checkout.

Ex.) 7-Eleven,

Retailers that carry a broad variety and deep assortment , offer customer services, and organize their stores into distinct departments for displaying merchandise.

Ex.) Macys, Sears, JCPenney, Kohls, Nordstorm, and Saks

Specialty stores that concentrate on health and personal grooming merchandise.