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. A retailer charges the same price to all customers buying an item under similar conditions






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






3. The criteria used to assess effectiveness






4. the drive within people to attain work-related goals - can be positive or negative






5. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






6. 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






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






8. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






10. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






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






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






13. When a retailer looks at data that are collected to address the specific issue or problem under study






14. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






15. Whereby each department is subdivided into further categories for related types of merchandise






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






17. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






18. When manufacturers and wholesales seek to control the retail prices of their goods and services






19. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






20. A retailers best customers






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






22. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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






24. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






25. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






26. Refers to the variety in any one good/service (product line) a retailer carries






27. 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






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






29. Involve the combination of separately owned retail firms






30. 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






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






32. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






33. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






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. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






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






37. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






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






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






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






41. 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






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






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






44. 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






45. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






46. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






48. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






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






50. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation