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 portion of revenues turned over to the federal - state and/or local government






2. 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






3. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






4. Projections of expected retail sales for given periods






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






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






7. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






8. A merchandising technique that some firms use to improve productivity






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






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






11. Appeals to price-conscious consumers - who must be members to shop there






12. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






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






14. Objective - quantifiable - easily identifiable and measurable population data






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






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






17. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






19. Suppliers sell through a moderate number of retailers






20. The criteria used to assess effectiveness






21. 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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22. Places together various items that appeal to a given target market






23. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






24. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






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






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






28. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






29. 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






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






31. 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






32. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






33. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






34. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






35. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






36. Whereby franchisors limit franchisee involvement in the strategic planning process






37. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






39. Where a consumer must pay the bill in full when it is due






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






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






42. 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)






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






44. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






45. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






46. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






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






48. 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






49. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






50. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness