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 retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






2. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






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






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






5. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






6. Focuses on the sale of tangible phoducts






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






8. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






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






11. Whereby each department is subdivided into further categories for related types of merchandise






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






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






14. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






16. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






17. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






18. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






19. 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]






20. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






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






22. The optimum site for a particular store






23. Any item a retailer owns with monetary value






24. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






25. A retailer sets prices for goods and services and seeks to maintain them for an extended period






26. Whereby suppliers sell through as many retailers as possible






27. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






28. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






29. The customer group sought by a retailer






30. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






31. The line of business in which a retailer operates






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






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






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






35. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






36. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






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






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






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






40. 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






41. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






42. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






44. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






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






47. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






48. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






49. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






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