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






2. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






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






4. The line of business in which a retailer operates






5. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






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






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






9. Information is systematically gathered from respondents by communicating with them






10. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






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






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






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


15. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






16. The reasons for a consumers behavior






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






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






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






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






21. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






22. The criteria used to assess effectiveness






23. Doubt that the correct decision has been made






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






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






26. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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






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






29. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






30. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






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






32. 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






33. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






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






36. Out-of-hometown shopping - is important for both local and surrounding retailers






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






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






39. Based on the original retail value assigned to merchandise less the costs of the merchandise






40. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






41. A retailers best customers






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






43. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






44. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






45. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






46. 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






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






48. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






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