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. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






2. 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






3. Selling goods and services to a broad spectrum of consumers






4. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






5. Mandates that persons with disabilities be given appropriate access to retailing facilities






6. Outlines a retailer's planned expenditures for a given time based on expected performance






7. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






8. Has a primarily functional use: to neatly hang or present products






9. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






10. 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






11. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






13. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






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






15. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






17. A listing of bipolar adjectives scales






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






19. Calls for all maintenance costs to be paid by the retailer






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






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






22. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






23. There is more interactive relationship between a franchisor and a franchisee






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






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






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






27. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






29. 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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30. 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






31. 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






32. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






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






34. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






35. 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






36. The line of business in which a retailer operates






37. Includes all the remaining customers - and they are the most widely dispersed






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






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






40. Assigns floor space on the basis of sales or profit per foot






41. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






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






43. An unincorporated retail firm owned by one person






44. Zeroing in on one specific group






45. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






46. A retailers best customers






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






48. A retailer charges the same price to all customers buying an item under similar conditions






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






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






Can you answer 50 questions in 15 minutes?



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