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. Available from sources outside the firm






2. Concentrates on selling one goods or service line - such as young women's apparel






3. Any item a retailer owns with monetary value






4. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






5. Used by retailers that promote seasonally






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






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






8. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






9. Places together various items that appeal to a given target market






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






11. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






12. A retailers commitment to a type of business and to a distinctive role in the marketplace






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






14. The difference between net sales and the total cost of goods sold






15. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






16. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






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






18. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






19. 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






20. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






22. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






23. A planned shopping facility - with the largest store being a supermarket or a drugstore






24. A formal way to record consumer requests for unstocked for out-of-stock merchandise






25. 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






26. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






27. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






28. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






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






30. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






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






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






33. A food-based discounter offering a moderate number of food items in a no-frills setting






34. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






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






36. Shows the expected behavior of a good or service over its life






37. Marketplace opening that exist because other retailers have not yet capitalized on them






38. When a retailer looks at data that are collected to address the specific issue or problem under study






39. 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






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






41. The merchandise categories for which data are gathered






42. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






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






45. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






46. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






47. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






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






49. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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