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






2. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






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






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






5. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






6. Focuses on the sale of tangible phoducts






7. Signals or cues as to the success or failure of that each part of the strategy






8. The optimum site for a particular store






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






10. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






11. 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






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






13. Marketplace opening that exist because other retailers have not yet capitalized on them






14. Actively involved with informing and persuading customers in closing sales






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






16. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






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






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






19. 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






20. A retailer sets its prices in accordance with competitors'






21. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






22. 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






23. Consumers feel high prices connote high quality and low prices connote low quality






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






25. 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






26. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






27. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






28. Beginning inventory - purchases - and transportation charges equal the cost of this






29. 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






30. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






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






33. Systematically lists all operating functions to be performed - their characteristics - and their timing






34. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






35. A way to collect - store and use relevant information about customers






36. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






37. An unincorporated retail firm owned by one person






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






39. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






40. Displays merchandise by common end use






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






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






43. Zeroing in on one specific group






44. Any item a retailer owns with monetary value






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






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






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






48. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






49. Logically assumes old merchandise is sold first - while newer items remain in inventory






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