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






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






3. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






4. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






5. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






6. The profit earned after all costs and taxes have been deducted






7. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






8. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






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






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






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






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






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






14. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






16. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






17. The positive - neutral or negative feelings a person has about different topics






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






19. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






20. 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






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






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






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






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






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






26. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






27. A sign that displays the store's name






28. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






29. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






30. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






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






32. The aspects of business that a firm can directly affect






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






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






35. Occurs when a consumer makes full use of the decision process






36. Involve the combination of separately owned retail firms






37. 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)






38. Incorporates life stages for both family and non-family households






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






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






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






42. 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






43. Lets consumers bargain over prices; those who are good at it obtain lower prices






44. Where the same customers are served by both branches






45. Beginning inventory - purchases - and transportation charges equal the cost of this






46. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






47. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






48. Whereby prices are marked only on shelves or signs and not on individual items






49. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






50. 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







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