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. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






2. Used by retailers that promote throughout the year






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






4. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






6. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






7. Merchandise that generates high sales over a short time






8. A retailers best customers






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






10. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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






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






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






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






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






16. 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






17. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






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






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






20. Embodied by a series of activities and processes that provides a certain value for the consumer






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






22. Exhibits heavier - bulkier items than a rack holds






23. 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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24. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






25. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






26. A cash or card operated retailing format that dispenses goods and services






27. A retail firm owned by its customer members






28. The basic format or structure of a business






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






30. Represents how a given retailer is perceived by consumers and others






31. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






32. Whereby goods owned by consumers are repaired - improved - or maintained






33. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






35. Appeals to price-conscious consumers - who must be members to shop there






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






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






38. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






39. Involve the combination of separately owned retail firms






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






41. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






42. 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






43. The form of research in which present behavior or the results of past behavior are noted and recorded






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






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






46. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






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






48. Projections of expected retail sales for given periods






49. A way to collect - store and use relevant information about customers






50. A retailer purposely adjusts markups by merchandise category