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






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






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






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






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






6. A retailer wants to maintain a specified ratio of goods on hand to sales






7. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






8. Whereby a retailers sells to consumers through multiple retail formats






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






10. Consists of products that may have cyclical sales due to changing tastes and lifestyles






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






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






13. Represents how a given retailer is perceived by consumers and others






14. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






16. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






17. The criteria used to assess effectiveness






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






19. Involve the combination of separately owned retail firms






20. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






21. A type of retail institution that is a department in a retail store that is rented to an outside party






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






23. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






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






25. Money left after paying taxes and buying necessities






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






27. The profit earned after all costs and taxes have been deducted






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






29. When two or more retailers or a manufacturers/wholesalers share the advertising costs






30. 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






31. Whereby goods owned by consumers are repaired - improved - or maintained






32. A retailers carries complementary goods and services to encourage shoppers to buy more






33. Places together various items that appeal to a given target market






34. 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






35. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






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






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






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






40. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






41. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






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






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






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






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






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






48. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






49. Consists of all the levels of independently owned businesses along a channel of distribution






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