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. Refers to the variety in any one good/service (product line) a retailer carries






2. Includes all the remaining customers - and they are the most widely dispersed






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






4. Any item a retailer owns with monetary value






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






6. The criteria used to assess effectiveness






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






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






9. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






10. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






11. 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






12. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






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






15. The positive - neutral or negative feelings a person has about different topics






16. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






17. 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






18. A retailer wants to maintain a specified ratio of goods on hand to sales






19. 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






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






21. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






22. 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






23. Consists of all the levels of independently owned businesses along a channel of distribution






24. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






25. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






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






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






29. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






30. Doubt that the correct decision has been made






31. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






32. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






34. Money left after paying taxes and buying necessities






35. An inexpensive display that leaves merchandise in the original carton






36. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






37. Whereby each department is subdivided into further categories for related types of merchandise






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






39. Involves an informal ranking of people based on income - occupation - education and other factors






40. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






41. Whereby suppliers sell through as many retailers as possible






42. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






43. The basic format or structure of a business






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






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






46. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






47. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






48. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






49. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






50. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices







Sorry!:) No result found.

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