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






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






3. 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






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






5. The customer group sought by a retailer






6. Risk is still low - but a retailer takes title on delivery and is responsible for damages






7. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






9. A type of retail institution that is a department in a retail store that is rented to an outside party






10. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






11. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






13. 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]






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






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






16. A retailer purposely adjusts markups by merchandise category






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






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






19. Involve the combination of separately owned retail firms






20. Occurs when a consumer makes full use of the decision process






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






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






23. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






24. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






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






27. Exhibits heavier - bulkier items than a rack holds






28. 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






29. The form of research in which present behavior or the results of past behavior are noted and recorded






30. Two or more retailers share an ad






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






32. A retailer sets its prices in accordance with competitors'






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






34. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






35. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






37. Used by retailers that promote throughout the year






38. 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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39. Displays merchandise by common end use






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






41. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






42. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






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






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






46. The cost of running a retail business






47. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






48. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






49. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






50. 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