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






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






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






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






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






7. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






8. There is more interactive relationship between a franchisor and a franchisee






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






10. Consists of products that sell well over nonconsecutive time periods






11. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






12. Doubt that the correct decision has been made






13. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






14. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






15. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






16. Graphically displays its hierarchical relationships created by a retailer






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






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






19. 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






20. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






21. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






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






23. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






24. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






25. The merchandise categories for which data are gathered






26. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






27. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






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






29. Whereby suppliers sell through as many retailers as possible






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






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






32. 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






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






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






35. The form of research in which present behavior or the results of past behavior are noted and recorded






36. The criteria used to assess effectiveness






37. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






38. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






39. Relates to the quantites of merchandise a retailer handles during a stated period






40. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






41. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






42. A listing of bipolar adjectives scales






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






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






45. Financial obligations a retailer incurs in operating a business






46. 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






47. Zeroing in on one specific group






48. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






50. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response







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