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






2. Consists of the regular products carried by a retailer






3. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






4. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






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






6. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






7. Used by retailers that promote seasonally






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






9. The customer group sought by a retailer






10. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






11. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






12. 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






13. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






14. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






15. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






16. 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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17. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






18. Zeroing in on one specific group






19. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






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






22. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






24. The basic format or structure of a business






25. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






26. Payments that retailers require of vendors for providing shelf space






27. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






28. Takes place when the consumer buys out of habit and skips steps in the purchase process






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






30. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






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






33. Concentrates on selling one goods or service line - such as young women's apparel






34. The business activities involved in selling goods and services to consumers for their personal - family - or household use






35. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






36. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






37. A way to collect - store and use relevant information about customers






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






39. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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40. A case that holds piles of sale clothing - marked down books or other products






41. The number of distinct people exposed to a retailers promotion efforts in a specific period






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






43. An inexpensive display that leaves merchandise in the original carton






44. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






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






46. Whereby suppliers sell through as many retailers as possible






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






48. Where the same customers are served by both branches






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






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