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 wants to maintain a specified ratio of goods on hand to sales






2. Consists of products that may have cyclical sales due to changing tastes and lifestyles






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






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






5. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






6. 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






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






8. The line of business in which a retailer operates






9. 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






10. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






11. Graphically displays its hierarchical relationships created by a retailer






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






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






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






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






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






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






18. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






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






20. Factors having a high relationship with job success are given more weight than others






21. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






22. 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






23. 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






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






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






26. 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






27. Refers to the number of distinct goods/services categories (product lines) a retailer carries






28. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






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






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






31. Takes a customer-centered approach and presents "solutions" rather than "products"






32. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






33. Whereby consumers lease and use goods for specified periods of time






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






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






36. 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






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






38. A retailers commitment to a type of business and to a distinctive role in the marketplace






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






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






41. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






42. The merchandise categories for which data are gathered






43. Embodied by a series of activities and processes that provides a certain value for the consumer






44. When two or more retailers or a manufacturers/wholesalers share the advertising costs






45. Zeroing in on one specific group






46. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






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






48. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






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






50. The business activities involved in selling goods and services to consumers for their personal - family - or household use