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. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






2. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






3. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






4. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






5. Any item a retailer owns with monetary value






6. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






7. Used by retailers that promote seasonally






8. Shows the expected behavior of a good or service over its life






9. Includes all the remaining customers - and they are the most widely dispersed






10. A multi-line firm operating under central ownership






11. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






12. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






13. A memorized - repetitive speech given to all customers interested in a particular item






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






15. Payments that retailers require of vendors for providing shelf space






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






17. A retail firm owned by its customer members






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






19. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






20. Many retail vendors sell a range of products at discount prices in plain surroundings






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






22. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






23. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






24. 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






25. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






26. A case that holds piles of sale clothing - marked down books or other products






27. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






29. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






30. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






31. The customer group sought by a retailer






32. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






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






34. Doubt that the correct decision has been made






35. 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






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






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






38. An inexpensive display that leaves merchandise in the original carton






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






40. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






41. The mix of stores within a district or shopping center






42. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






43. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






44. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






45. Financial obligations a retailer incurs in operating a business






46. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






47. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






48. Refers to the number of distinct goods/services categories (product lines) a retailer carries






49. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






50. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations