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






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






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






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






5. 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






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






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

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






9. Takes place when the consumer buys out of habit and skips steps in the purchase process






10. Merchandise that generates high sales over a short time






11. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






12. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






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






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






15. A type of retail institution that is a department in a retail store that is rented to an outside party






16. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






17. The basic format or structure of a business






18. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






20. Equals the cost of merchandise available for sale minus the cost value of ending inventory






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






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






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






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






25. Projections of expected retail sales for given periods






26. 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






27. Selling goods and services to a broad spectrum of consumers






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






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






30. Payments that retailers require of vendors for providing shelf space






31. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






32. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






33. Relates to the quantites of merchandise a retailer handles during a stated period






34. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






35. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






36. Represents the total bundle of benefits offered to consumers through a channel of distribution






37. Involves an informal ranking of people based on income - occupation - education and other factors






38. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






39. Available from sources outside the firm






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






41. Mandates that persons with disabilities be given appropriate access to retailing facilities






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






43. Risk is still low - but a retailer takes title on delivery and is responsible for damages






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






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






46. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






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






49. An unincorporated retail firm owned by two or more persons - each with a financial interest






50. 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







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