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. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






2. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






3. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






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






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






7. The sum total of an individuals traits - which make that individual unique






8. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






10. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






11. 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






12. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






14. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






15. A retailers has no risk because title is not taken; the supplier owns the goods until sold






16. Used by retailers that promote throughout the year






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






18. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






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






21. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






23. The aspects of business to which a retailers must adapt






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






25. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






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






28. Financial obligations a retailer incurs in operating a business






29. Typically supervises the on-floor selling and operational activities for a specific retail department






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






31. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






32. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






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






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






35. 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






36. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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

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38. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






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






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






41. Whereby consumers lease and use goods for specified periods of time






42. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






43. A retail firm owned by its customer members






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






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






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






47. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






48. 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






49. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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