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. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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2. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






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






4. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






5. A cash or card operated retailing format that dispenses goods and services






6. 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






7. Two or more retailers share an ad






8. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






9. Systematically lists all operating functions to be performed - their characteristics - and their timing






10. The activity whereby a retailer generates a list of job applicants






11. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






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






14. Involve the combination of separately owned retail firms






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






16. 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






17. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






18. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






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






20. A retailer sets prices for goods and services and seeks to maintain them for an extended period






21. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






23. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






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






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






26. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






27. Money left after paying taxes and buying necessities






28. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






29. 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






30. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






31. Increases an item's original price because demand is unexpectedly high or costs are rising






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






33. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






34. When retailers count on suppliers to participate in their inventory management programs






35. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






36. Used by retailers that promote seasonally






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






38. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






39. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






40. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






41. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






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






44. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






45. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






46. 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






47. 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






48. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






49. A retailer purposely adjusts markups by merchandise category






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