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






2. Sets the guiding principles for all the merchandise decisions a retailers makes






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






5. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






6. Signals or cues as to the success or failure of that each part of the strategy






7. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






8. The extent to which a person desires and pursues social status






9. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






10. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






11. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






13. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






14. Whereby franchisors limit franchisee involvement in the strategic planning process






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






16. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






17. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






18. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






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






20. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






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






22. A sign that displays the store's name






23. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






24. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






25. Calls for precise rent increases over a stated period of time






26. The form of research in which present behavior or the results of past behavior are noted and recorded






27. 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






28. Converts shopping from a passive activity into a more interactive one - by better engaging customers






29. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






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






31. A formal way to record consumer requests for unstocked for out-of-stock merchandise






32. A retailers best customers






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






34. The mix of stores within a district or shopping center






35. 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






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






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






38. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






40. 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






41. Suppliers sell through a moderate number of retailers






42. 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






43. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






44. Graphically displays its hierarchical relationships created by a retailer






45. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






46. Appeals to price-conscious consumers - who must be members to shop there






47. Consists of the regular products carried by a retailer






48. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






50. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range