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. Concentrates on selling one goods or service line - such as young women's apparel






2. A multi-line firm operating under central ownership






3. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






5. Displays merchandise by common end use






6. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






7. A retailers best customers






8. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






9. A large - planned shopping facility appealing to a geographically dispersed market






10. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






11. Consists of the regular products carried by a retailer






12. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






13. Typically supervises the on-floor selling and operational activities for a specific retail department






14. Consumers feel high prices connote high quality and low prices connote low quality






15. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






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






17. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






18. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






19. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






21. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






22. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






23. Involves an informal ranking of people based on income - occupation - education and other factors






24. The cost of running a retail business






25. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






26. 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






27. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






28. 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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29. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






30. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






31. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






32. Any item a retailer owns with monetary value






33. Where the same customers are served by both branches






34. 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






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






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






37. 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






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






39. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






40. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






41. A retailer sets prices for goods and services and seeks to maintain them for an extended period






42. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






43. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






44. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






45. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






46. Focuses on the sale of tangible phoducts






47. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






48. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






49. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






50. Incorporates life stages for both family and non-family households