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. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






3. Has a primarily functional use: to neatly hang or present products






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






5. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






7. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






8. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






10. A retailers carries complementary goods and services to encourage shoppers to buy more






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






12. 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






13. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






15. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






16. 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






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






18. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






19. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






20. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






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






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






24. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






25. Involves a clear statement of the topic to be studied






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






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






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






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






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






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






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






34. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






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






37. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






38. 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






39. Every store - product - or customer has an equal or known chance of being chosen for a study






40. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






41. The cost of running a retail business






42. Two or more retailers share an ad






43. The number of distinct people exposed to a retailers promotion efforts in a specific period






44. 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






45. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






46. 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






47. Merchandise that generates high sales over a short time






48. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






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