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






2. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






3. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






4. Zeroing in on one specific group






5. 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






6. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






7. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






8. Typically supervises the on-floor selling and operational activities for a specific retail department






9. A retailer wants to maintain a specified ratio of goods on hand to sales






10. Marketplace opening that exist because other retailers have not yet capitalized on them






11. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






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






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






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






15. Used by retailers that promote seasonally






16. The optimum site for a particular store






17. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






18. An unincorporated retail firm owned by one person






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






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






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






22. Where a consumer must pay the bill in full when it is due






23. A retail firm owned by its customer members






24. Whereby a retailers sells to consumers through multiple retail formats






25. Available within the company - sometimes from the data bank of a retail information system






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






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






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






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






30. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






31. Where the same customers are served by both branches






32. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






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






34. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






35. The portion of revenues turned over to the federal - state and/or local government






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






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






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






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






41. 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






42. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






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






44. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






45. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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






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






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






49. Exhibits heavier - bulkier items than a rack holds






50. A retailer offers discounts to customers who buy in quantity or who buy a product bundle