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. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






2. Influence people's thought and behavior such as families - aspirational groups and membership groups






3. An unincorporated retail firm owned by one person






4. 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






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






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






7. Graphically displays its hierarchical relationships created by a retailer






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






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






10. 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






11. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






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






13. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






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






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






16. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






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






18. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






19. The sum total of an individuals traits - which make that individual unique






20. Determines the floor space necessary to carry and display a proper merchandise assortment






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






22. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






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






24. Consists of all the levels of independently owned businesses along a channel of distribution






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






26. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






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






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






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






30. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






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






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






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






35. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






36. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






37. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






38. A planned shopping facility - with the largest store being a supermarket or a drugstore






39. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






41. Reward a retailers best customers - those with whom it wants long-lasting relationships with






42. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






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






44. Any item a retailer owns with monetary value






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






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






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






48. Customer orientation - coordinated effort - value driven and goal orientation






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






50. Actively involved with informing and persuading customers in closing sales