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. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






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






3. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






5. Two or more retailers share an ad






6. A retailers best customers






7. 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






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






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






10. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






11. 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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12. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






13. Merchandise that generates high sales over a short time






14. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






16. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






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






18. Describes how traditional family moves from bachelorhood to children to solitary retirement






19. The efficiency with which a retail strategy is carried out






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






21. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






22. Where a consumer must pay the bill in full when it is due






23. Involve the combination of separately owned retail firms






24. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






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






26. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






28. The customer group sought by a retailer






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






30. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






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






33. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






34. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






35. A formal way to record consumer requests for unstocked for out-of-stock merchandise






36. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






37. Ways in which individual consumers and families live and spend time and money






38. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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






40. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






41. 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






42. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






43. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






44. Based on the actual prices received for merchandise sold during a time period less merchandise cost






45. Out-of-hometown shopping - is important for both local and surrounding retailers






46. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






47. A retail firm owned by its customer members






48. When a retailer acts in the best interests of society - as well as itself






49. 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






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