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






2. Financial obligations a retailer incurs in operating a business






3. Used for products needing special handling






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






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






6. Factors having a high relationship with job success are given more weight than others






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






8. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






9. 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






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






11. The portion of revenues turned over to the federal - state and/or local government






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






13. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






14. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






16. Calls for precise rent increases over a stated period of time






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






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






19. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






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






22. The aspects of business that a firm can directly affect






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






24. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






25. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






26. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






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






29. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






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






32. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






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






34. Zeroing in on one specific group






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






36. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






38. 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






39. 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






40. Represents the total bundle of benefits offered to consumers through a channel of distribution






41. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






42. 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






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






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






45. Equals the cost of merchandise available for sale minus the cost value of ending inventory






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






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






48. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






49. 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






50. 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