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






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






3. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






4. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






5. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






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






8. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






9. 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






10. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






11. 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






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






13. 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






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






15. 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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16. Assumes new merchandise is sold first - while older stock remains in inventory






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






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






19. Any item a retailer owns with monetary value






20. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






21. Where the same customers are served by both branches






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






23. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






24. The basic format or structure of a business






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






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






27. A type of retail institution that is a department in a retail store that is rented to an outside party






28. 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






29. Describes how traditional family moves from bachelorhood to children to solitary retirement






30. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






31. The efficiency with which a retail strategy is carried out






32. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






33. Projections of expected retail sales for given periods






34. Outlines a retailer's planned expenditures for a given time based on expected performance






35. The customer group sought by a retailer






36. A retailer purposely adjusts markups by merchandise category






37. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






38. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






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






40. The manner of providing a job environment that encourages employee accomplishment






41. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






42. A form of multi-channel retailing which engages in more than one type of distribution arrangement






43. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






44. An unincorporated retail firm owned by two or more persons - each with a financial interest






45. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






46. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






47. When a retailer acts in the best interests of society - as well as itself






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






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






50. 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