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. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






2. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






3. A form of multi-channel retailing which engages in more than one type of distribution arrangement






4. Converts shopping from a passive activity into a more interactive one - by better engaging customers






5. The basic format or structure of a business






6. 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)






7. 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






8. Whereby each department is subdivided into further categories for related types of merchandise






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






10. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






11. 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






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






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






15. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






16. The positive - neutral or negative feelings a person has about different topics






17. Used by retailers that promote throughout the year






18. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






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






20. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






21. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






22. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






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






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






25. Describes how traditional family moves from bachelorhood to children to solitary retirement






26. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






27. A multi-line firm operating under central ownership






28. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






29. The profit earned after all costs and taxes have been deducted






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






31. 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






32. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






34. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






35. Involve the combination of separately owned retail firms






36. Depicts a product offering in a thematic manner and sets a specific mood






37. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






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






39. 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






40. A sign that displays the store's name






41. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






42. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






43. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






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






46. The number of distinct people exposed to a retailers promotion efforts in a specific period






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






48. Based on the original retail value assigned to merchandise less the costs of the merchandise






49. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






50. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories