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






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






3. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






4. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






5. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






6. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






7. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






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






10. 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






11. Financial obligations a retailer incurs in operating a business






12. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






13. Calls for all maintenance costs to be paid by the retailer






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






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






16. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






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






19. Any item a retailer owns with monetary value






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






21. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






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






24. The merchandise categories for which data are gathered






25. 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






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






27. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






28. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






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






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






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






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






33. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






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






35. The aspects of business to which a retailers must adapt






36. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






38. The customer group sought by a retailer






39. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






40. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






41. 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






42. Displays merchandise by common end use






43. Outlines a retailer's planned expenditures for a given time based on expected performance






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






45. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






46. Based on the original retail value assigned to merchandise less the costs of the merchandise






47. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






48. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






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






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