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






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






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






4. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






5. An unincorporated retail firm owned by one person






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






7. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






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






9. 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]






10. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






11. A retailers has no risk because title is not taken; the supplier owns the goods until sold






12. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






13. A planned shopping facility - with the largest store being a supermarket or a drugstore






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






15. Takes a customer-centered approach and presents "solutions" rather than "products"






16. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






18. A retail firm that is formally incorporated under state law






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






20. Involve the combination of separately owned retail firms






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






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






23. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






24. Relates to the quantites of merchandise a retailer handles during a stated period






25. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






26. 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






27. 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






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






29. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






30. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






31. 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)






32. 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






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






34. When a retailer looks at data that are collected to address the specific issue or problem under study






35. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






36. 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






37. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






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






39. Suppliers sell through a moderate number of retailers






40. Graphically displays its hierarchical relationships created by a retailer






41. 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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42. A retailers best customers






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






44. Consists of the regular products carried by a retailer






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






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






47. Short-term selling and administrative costs in running a business






48. Consists of products that sell well over nonconsecutive time periods






49. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






50. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)