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






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






3. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






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






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






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






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






9. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






10. the drive within people to attain work-related goals - can be positive or negative






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






12. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






13. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






14. The reasons for a consumers behavior






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






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






17. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






18. Concentrates on selling one goods or service line - such as young women's apparel






19. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






20. Used by retailers that promote seasonally






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






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






23. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






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






25. The aspects of business to which a retailers must adapt






26. Involve the combination of separately owned retail firms






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






28. Two or more retailers share an ad






29. Whereby suppliers sell through as many retailers as possible






30. The basic format or structure of a business






31. Zeroing in on one specific group






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






33. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






34. Represents how a given retailer is perceived by consumers and others






35. Occurs when one consumer talks to others; can build a chain of customers






36. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






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






39. The overall plan or framework of action that guides a retailer






40. Merchandise that generates high sales over a short time






41. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






42. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






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






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






46. A retailer sets its prices in accordance with competitors'






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






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






49. 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






50. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items