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






2. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






3. 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






4. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






5. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






6. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






8. 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






9. Used by retailers that promote seasonally






10. Consumers feel high prices connote high quality and low prices connote low quality






11. A type of retail institution in which a retailers owns one retail unit






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






13. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






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






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






17. Two or more retailers share an ad






18. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






19. 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






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






21. A retailers best customers






22. Focuses on the sale of tangible phoducts






23. 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






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






25. 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






26. 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






27. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






28. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






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






30. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






32. Financial obligations a retailer incurs in operating a business






33. A memorized - repetitive speech given to all customers interested in a particular item






34. 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

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


35. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






36. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






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






38. Calls for precise rent increases over a stated period of time






39. 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






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






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






42. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






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






44. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






45. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






47. 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






48. A case that holds piles of sale clothing - marked down books or other products






49. Increases an item's original price because demand is unexpectedly high or costs are rising






50. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






Can you answer 50 questions in 15 minutes?



Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests