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. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






2. Whereby suppliers sell through as many retailers as possible






3. Determines the floor space necessary to carry and display a proper merchandise assortment






4. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






5. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






7. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






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






10. The sum total of an individuals traits - which make that individual unique






11. Competition between manufacturers and retailers for shelf space and profits






12. Involve the combination of separately owned retail firms






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






14. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






15. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






16. Increases an item's original price because demand is unexpectedly high or costs are rising






17. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






18. 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






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






20. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






21. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






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






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






25. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






26. A merchandising technique that some firms use to improve productivity






27. A retail firm owned by its customer members






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






29. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






31. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






32. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






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






35. Factors having a high relationship with job success are given more weight than others






36. 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






37. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






39. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






40. A retailers commitment to a type of business and to a distinctive role in the marketplace






41. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






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






44. 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






45. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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






47. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






48. Concentrates on selling one goods or service line - such as young women's apparel






49. The activity whereby a retailer generates a list of job applicants






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






Can you answer 50 questions in 15 minutes?



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