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






2. A retailer purposely adjusts markups by merchandise category






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






4. A manufacturer and a retailer or a wholesales and a retailer share an ad






5. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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






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






8. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






10. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






11. A case that holds piles of sale clothing - marked down books or other products






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






13. Available from sources outside the firm






14. 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






15. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






16. 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






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






18. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






19. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






20. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






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






23. Used for products needing special handling






24. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






25. Takes place when the consumer buys out of habit and skips steps in the purchase process






26. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






27. 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






28. The number of distinct people exposed to a retailers promotion efforts in a specific period






29. Any item a retailer owns with monetary value






30. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






31. Shows the expected behavior of a good or service over its life






32. The mix of stores within a district or shopping center






33. Whereby a retailers sells to consumers through multiple retail formats






34. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






35. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






36. Relates to the quantites of merchandise a retailer handles during a stated period






37. A retail firm owned by its customer members






38. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






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






40. 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






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






42. 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






43. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






44. Many retail vendors sell a range of products at discount prices in plain surroundings






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






46. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






47. The customer group sought by a retailer






48. A retailers commitment to a type of business and to a distinctive role in the marketplace






49. 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






50. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit