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






2. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






3. Available from sources outside the firm






4. Involves an informal ranking of people based on income - occupation - education and other factors






5. The extent to which a person desires and pursues social status






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






7. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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






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






10. 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






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






12. 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






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






14. 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






15. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






17. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






18. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






19. Focuses on the sale of tangible phoducts






20. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






21. An unincorporated retail firm owned by two or more persons - each with a financial interest






22. Whereby franchisors limit franchisee involvement in the strategic planning process






23. Whereby consumers lease and use goods for specified periods of time






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






25. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






27. 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






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






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






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






31. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






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






34. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






36. Every store - product - or customer has an equal or known chance of being chosen for a study






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






38. Whereby prices are marked only on shelves or signs and not on individual items






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






40. A food-based discounter offering a moderate number of food items in a no-frills setting






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






42. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






43. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






44. 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






45. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






46. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






47. Displays merchandise by common end use






48. 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






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






50. Aiming at two or more distinct consumer groups - with different retailing approaches for each group