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






2. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






3. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






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






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






6. Used by retailers that promote seasonally






7. Every store - product - or customer has an equal or known chance of being chosen for a study






8. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






9. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






10. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






11. Whereby each department is subdivided into further categories for related types of merchandise






12. A type of retail institution in which a retailers owns one retail unit






13. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






14. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






15. A cash or card operated retailing format that dispenses goods and services






16. The sum total of an individuals traits - which make that individual unique






17. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






19. Refers to the variety in any one good/service (product line) a retailer carries






20. The reasons for a consumers behavior






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

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22. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






23. The optimum site for a particular store






24. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






25. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






26. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






27. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






28. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






29. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






30. Depicts a product offering in a thematic manner and sets a specific mood






31. The criteria used to assess effectiveness






32. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






34. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






36. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






37. When retailers count on suppliers to participate in their inventory management programs






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






39. Selling goods and services to a broad spectrum of consumers






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






41. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






42. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






43. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






44. Risk is still low - but a retailer takes title on delivery and is responsible for damages






45. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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






47. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






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






50. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules