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 amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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






3. Available from sources outside the firm






4. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






6. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






7. The overall plan guiding a retail firm






8. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






9. 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






10. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






11. 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






12. 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






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






14. When retailers count on suppliers to participate in their inventory management programs






15. A form of multi-channel retailing which engages in more than one type of distribution arrangement






16. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






17. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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






19. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






20. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






21. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






22. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






23. A retailer purposely adjusts markups by merchandise category






24. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






25. 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






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. Graphically displays its hierarchical relationships created by a retailer






28. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






29. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






30. Zeroing in on one specific group






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






32. Equals the cost of merchandise available for sale minus the cost value of ending inventory






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






34. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






35. Determines the floor space necessary to carry and display a proper merchandise assortment






36. Factors having a high relationship with job success are given more weight than others






37. Objective - quantifiable - easily identifiable and measurable population data






38. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






39. 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






40. 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

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41. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






43. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






44. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






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






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






47. A listing of bipolar adjectives scales






48. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






49. 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






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