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 retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






2. 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






3. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






4. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






5. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






7. 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






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






9. Money left after paying taxes and buying necessities






10. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






11. A type of retail institution in which a retailers owns one retail unit






12. 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






13. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






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






15. 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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16. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






17. A memorized - repetitive speech given to all customers interested in a particular item






18. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






19. Projections of expected retail sales for given periods






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






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






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






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






24. The service level that customers want to receive from any retailer - such as basic employee courtesy






25. Sets the guiding principles for all the merchandise decisions a retailers makes






26. Involve the combination of separately owned retail firms






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






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






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






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






31. Consists of products that may have cyclical sales due to changing tastes and lifestyles






32. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






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






34. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






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






37. Out-of-hometown shopping - is important for both local and surrounding retailers






38. 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






39. The customer group sought by a retailer






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






41. Typically supervises the on-floor selling and operational activities for a specific retail department






42. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






44. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






46. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






47. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






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






50. A retail firm owned by its customer members