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 long-run and short-run performance targets a retailers hopes to attain






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






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






4. A retailer purposely adjusts markups by merchandise category






5. Used by retailers that promote throughout the year






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






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






8. Takes place when the consumer buys out of habit and skips steps in the purchase process






9. Sets the guiding principles for all the merchandise decisions a retailers makes






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






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






12. Suppliers sell through a moderate number of retailers






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






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






15. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






16. 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






17. Money left after paying taxes and buying necessities






18. Projections of expected retail sales for given periods






19. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






20. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






21. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






23. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






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






25. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






26. A listing of bipolar adjectives scales






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






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






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






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






31. 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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32. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






34. 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






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






36. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






38. A merchandising technique that some firms use to improve productivity






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






40. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






41. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






42. 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






43. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






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






45. The sum total of an individuals traits - which make that individual unique






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






47. The line of business in which a retailer operates






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






49. A retailer sets its prices in accordance with competitors'






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