OSU RETAIL MANAGEMENT EXAM 1 STUDY
GUIDE QUESTIONS & ELABORATED CORRECT
ANSWERS
1. Asset economic resources, such as inventory or store fixtures, owned or
controlled by an enterprise as a result of past transactions or events.
2. Target Market the market segment(s) toward which the retailer plans to focus its
resources and retail mix
3. cognitive disso- Inner tension that a consumer experiences after recognizing an
nance
inconsistency between behavior and values or opinions
4. Conversion rate percentage of consumers who buy the product after viewing it
5. SKU (Stock the smallest unit available for keeping inventory control. In soft goods
Keep- ing Unit)
merchan- dise, an SKU usually means a size, color, and style.
6. Wholesailing includes all activities involved in selling goods and services to those
buying for resale or business use
7. Trade Area a geographic sector that contains potential customers for a particular
retailer or shopping center
8. 80:20 Rule a general management principle where 80 percent of the sales or
profits come from 20 percent of the customers.
9. Cost of the fee the retailer pays a vendor for merchandise that the retailer sells
Goods Sold
10. Owned Media media exposures that are controlled and paid its e-commerce
websites, blogs, social media for by the firm, such as pages, e-mail
marketing messages, or mobile apps.
11. Bounce Rate the percentage of times a visitor leaves such as after viewing only one
page.
12. sales cannibaliza- when the introduction of a new product reduces the sales of an existing
tion
1/
12
, OSU RETAIL MANAGEMENT EXAM 1 STUDY
GUIDE QUESTIONS & ELABORATED CORRECT
ANSWERS
product with the same
company's otterings
2/
12
GUIDE QUESTIONS & ELABORATED CORRECT
ANSWERS
1. Asset economic resources, such as inventory or store fixtures, owned or
controlled by an enterprise as a result of past transactions or events.
2. Target Market the market segment(s) toward which the retailer plans to focus its
resources and retail mix
3. cognitive disso- Inner tension that a consumer experiences after recognizing an
nance
inconsistency between behavior and values or opinions
4. Conversion rate percentage of consumers who buy the product after viewing it
5. SKU (Stock the smallest unit available for keeping inventory control. In soft goods
Keep- ing Unit)
merchan- dise, an SKU usually means a size, color, and style.
6. Wholesailing includes all activities involved in selling goods and services to those
buying for resale or business use
7. Trade Area a geographic sector that contains potential customers for a particular
retailer or shopping center
8. 80:20 Rule a general management principle where 80 percent of the sales or
profits come from 20 percent of the customers.
9. Cost of the fee the retailer pays a vendor for merchandise that the retailer sells
Goods Sold
10. Owned Media media exposures that are controlled and paid its e-commerce
websites, blogs, social media for by the firm, such as pages, e-mail
marketing messages, or mobile apps.
11. Bounce Rate the percentage of times a visitor leaves such as after viewing only one
page.
12. sales cannibaliza- when the introduction of a new product reduces the sales of an existing
tion
1/
12
, OSU RETAIL MANAGEMENT EXAM 1 STUDY
GUIDE QUESTIONS & ELABORATED CORRECT
ANSWERS
product with the same
company's otterings
2/
12
