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






2. When a retailer acts in the best interests of society - as well as itself






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






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






5. Information is systematically gathered from respondents by communicating with them






6. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






7. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






8. Projections of expected retail sales for given periods






9. Customer orientation - coordinated effort - value driven and goal orientation






10. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






12. The line of business in which a retailer operates






13. A listing of bipolar adjectives scales






14. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






15. The customer group sought by a retailer






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






17. 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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18. Marketplace opening that exist because other retailers have not yet capitalized on them






19. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






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






21. The extent to which a person desires and pursues social status






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






23. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






25. Focuses on the sale of tangible phoducts






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






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






28. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






29. 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






30. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






31. 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






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






33. Based on the original retail value assigned to merchandise less the costs of the merchandise






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






35. The efficiency with which a retail strategy is carried out






36. Involves oral communication with one or more prospective customers for the purpose of making a sale






37. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






38. Calls for all maintenance costs to be paid by the retailer






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






40. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






42. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






43. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






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






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






46. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






47. Short-term selling and administrative costs in running a business






48. Refers to the variety in any one good/service (product line) a retailer carries






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

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