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. Information is systematically gathered from respondents by communicating with them






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






3. A retailers carries complementary goods and services to encourage shoppers to buy more






4. The mix of stores within a district or shopping center






5. Consists of all the levels of independently owned businesses along a channel of distribution






6. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






7. Embodied by a series of activities and processes that provides a certain value for the consumer






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






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






11. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






12. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






13. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






15. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






16. 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






17. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






18. The optimum site for a particular store






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






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






21. The line of business in which a retailer operates






22. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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






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






25. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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






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






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






29. The cost of running a retail business






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






31. 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






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






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






34. Based on the original retail value assigned to merchandise less the costs of the merchandise






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






36. Ways in which individual consumers and families live and spend time and money






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






38. The positive - neutral or negative feelings a person has about different topics






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






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






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






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






43. Whereby prices are marked only on shelves or signs and not on individual items






44. A retail firm owned by its customer members






45. The long-run and short-run performance targets a retailers hopes to attain






46. 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






47. 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






48. 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






49. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






50. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold