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. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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2. Two or more retailers share an ad






3. The portion of revenues turned over to the federal - state and/or local government






4. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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5. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






6. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






7. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






8. Reward a retailers best customers - those with whom it wants long-lasting relationships with






9. Used by retailers that promote throughout the year






10. The reasons for a consumers behavior






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






12. Occurs when a consumer makes full use of the decision process






13. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






15. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






16. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






17. A retailers commitment to a type of business and to a distinctive role in the marketplace






18. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






19. Zeroing in on one specific group






20. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






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






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






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






24. Appeals to price-conscious consumers - who must be members to shop there






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






26. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






27. Available within the company - sometimes from the data bank of a retail information system






28. Determines the floor space necessary to carry and display a proper merchandise assortment






29. The efficiency with which a retail strategy is carried out






30. Takes a customer-centered approach and presents "solutions" rather than "products"






31. A retailers best customers






32. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






33. The service level that customers want to receive from any retailer - such as basic employee courtesy






34. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






35. Customer orientation - coordinated effort - value driven and goal orientation






36. the drive within people to attain work-related goals - can be positive or negative






37. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






38. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






39. Exhibits heavier - bulkier items than a rack holds






40. Beginning inventory - purchases - and transportation charges equal the cost of this






41. Represents the total bundle of benefits offered to consumers through a channel of distribution






42. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






43. Systematically lists all operating functions to be performed - their characteristics - and their timing






44. Out-of-hometown shopping - is important for both local and surrounding retailers






45. Ways in which individual consumers and families live and spend time and money






46. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






47. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






48. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






49. Outlines a retailer's planned expenditures for a given time based on expected performance






50. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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