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






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






3. 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






4. Depicts a product offering in a thematic manner and sets a specific mood






5. An unincorporated retail firm owned by one person






6. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






7. A retailer sets prices for goods and services and seeks to maintain them for an extended period






8. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






9. The extent to which a person desires and pursues social status






10. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






11. Involves an informal ranking of people based on income - occupation - education and other factors






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






13. A large - planned shopping facility appealing to a geographically dispersed market






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






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






16. The form of research in which present behavior or the results of past behavior are noted and recorded






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






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






19. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






20. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






21. Where the same customers are served by both branches






22. Money left after paying taxes and buying necessities






23. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






24. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






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






27. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






28. A listing of bipolar adjectives scales






29. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






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






31. Ways in which individual consumers and families live and spend time and money






32. Beginning inventory - purchases - and transportation charges equal the cost of this






33. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






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






35. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






36. Consists of products that sell well over nonconsecutive time periods






37. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






38. Represents the total bundle of benefits offered to consumers through a channel of distribution






39. 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






40. Occurs when one consumer talks to others; can build a chain of customers






41. The criteria used to assess effectiveness






42. Embodied by a series of activities and processes that provides a certain value for the consumer






43. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






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






45. 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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46. Doubt that the correct decision has been made






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






48. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






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






50. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share