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 charges the same price to all customers buying an item under similar conditions






2. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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3. 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






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






5. The reasons for a consumers behavior






6. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






7. 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






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






9. Assumes new merchandise is sold first - while older stock remains in inventory






10. 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






11. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






12. 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






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






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






15. Available within the company - sometimes from the data bank of a retail information system






16. 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






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






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






19. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






20. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






22. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






23. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






25. Retailers price selected items below cost to lure more customer traffic for those retailers






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






27. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






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






30. A memorized - repetitive speech given to all customers interested in a particular item






31. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






32. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






33. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






34. 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






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






36. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






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






39. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






40. Displays merchandise by common end use






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






42. 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






43. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






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






45. 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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46. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






47. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






48. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






49. 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






50. A retail firm owned by its customer members