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






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






3. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






4. When a retailer looks at data that are collected to address the specific issue or problem under study






5. Doubt that the correct decision has been made






6. The mix of stores within a district or shopping center






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






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






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






10. 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






11. The manner of providing a job environment that encourages employee accomplishment






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






13. Information is systematically gathered from respondents by communicating with them






14. 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






15. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






17. 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






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






19. Projections of expected retail sales for given periods






20. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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21. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






22. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






23. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






25. Suppliers sell through a moderate number of retailers






26. 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






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






28. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






29. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






30. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






32. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






33. The overall plan or framework of action that guides a retailer






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






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






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






37. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






38. 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






39. The difference between net sales and the total cost of goods sold






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






42. 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






43. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






44. A sign that displays the store's name






45. Money left after paying taxes and buying necessities






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






47. The long-run and short-run performance targets a retailers hopes to attain






48. Focuses on the sale of tangible phoducts






49. Assumes new merchandise is sold first - while older stock remains in inventory






50. Mandates that persons with disabilities be given appropriate access to retailing facilities