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






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






4. Consumers feel high prices connote high quality and low prices connote low quality






5. The reasons for a consumers behavior






6. Actively involved with informing and persuading customers in closing sales






7. Many retail vendors sell a range of products at discount prices in plain surroundings






8. Available from sources outside the firm






9. 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






10. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






11. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






12. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






13. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






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






15. Doubt that the correct decision has been made






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






17. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






18. Converts shopping from a passive activity into a more interactive one - by better engaging customers






19. The basic format or structure of a business






20. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






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






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






24. The overall plan guiding a retail firm






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






26. The difference between net sales and the total cost of goods sold






27. Based on the actual prices received for merchandise sold during a time period less merchandise cost






28. 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






29. Every store - product - or customer has an equal or known chance of being chosen for a study






30. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






31. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






32. 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)






33. A retailer carries more items than expects to sell over a specified period






34. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






35. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






36. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






37. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






39. 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






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






41. The aspects of business to which a retailers must adapt






42. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






43. 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






44. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






45. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






46. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






47. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






48. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






49. A retailer purposely adjusts markups by merchandise category






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