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. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






3. A way to collect - store and use relevant information about customers






4. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






5. Systematically lists all operating functions to be performed - their characteristics - and their timing






6. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






7. Consumers feel high prices connote high quality and low prices connote low quality






8. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






9. Involve the combination of separately owned retail firms






10. The business activities involved in selling goods and services to consumers for their personal - family - or household use






11. Available within the company - sometimes from the data bank of a retail information system






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






13. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






14. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






15. An unincorporated retail firm owned by one person






16. 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






17. 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






18. 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)






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






20. A formal way to record consumer requests for unstocked for out-of-stock merchandise






21. 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






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






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

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24. 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]






25. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






27. When a retailer acts in the best interests of society - as well as itself






28. Shows the expected behavior of a good or service over its life






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






30. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






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






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






33. Retailers price selected items below cost to lure more customer traffic for those retailers






34. Actively involved with informing and persuading customers in closing sales






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






36. Occurs when one consumer talks to others; can build a chain of customers






37. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






38. A retailer carries more items than expects to sell over a specified period






39. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






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






41. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






42. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






43. Objective - quantifiable - easily identifiable and measurable population data






44. Whereby suppliers sell through as many retailers as possible






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






46. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






47. 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






48. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






49. 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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50. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment