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 identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






2. 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






3. Competition between manufacturers and retailers for shelf space and profits






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






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






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






7. Whereby prices are marked only on shelves or signs and not on individual items






8. Zeroing in on one specific group






9. Two or more retailers share an ad






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






11. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






12. Consists of the regular products carried by a retailer






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






14. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






15. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






16. A retailer carries more items than expects to sell over a specified period






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






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






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






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






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






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






23. Selling goods and services to a broad spectrum of consumers






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






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






26. 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






27. A listing of bipolar adjectives scales






28. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






29. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






30. 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






31. Consists of products that may have cyclical sales due to changing tastes and lifestyles






32. A retailers best customers






33. A retail firm that is formally incorporated under state law






34. Occurs when a consumer makes full use of the decision process






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






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






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






38. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






39. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






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






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






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






43. Where the same customers are served by both branches






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






45. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






47. Takes a customer-centered approach and presents "solutions" rather than "products"






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






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






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