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






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






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






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






5. Where the same customers are served by both branches






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






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






8. 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






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






10. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






11. A memorized - repetitive speech given to all customers interested in a particular item






12. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






13. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






14. 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






15. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






16. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






17. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






18. Any item a retailer owns with monetary value






19. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






20. Customer orientation - coordinated effort - value driven and goal orientation






21. A large - planned shopping facility appealing to a geographically dispersed market






22. 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






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






24. Takes place when the consumer buys out of habit and skips steps in the purchase process






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






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






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






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






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






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






31. 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






32. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






33. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






34. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






35. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






36. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






38. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






39. Involve the combination of separately owned retail firms






40. Assigns floor space on the basis of sales or profit per foot






41. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






42. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






43. Exhibits heavier - bulkier items than a rack holds






44. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






45. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






46. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






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






49. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






50. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study