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






3. 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






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






5. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






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






7. Beginning inventory - purchases - and transportation charges equal the cost of this






8. Involve the combination of separately owned retail firms






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






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






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






12. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






13. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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






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






17. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






18. A type of retail institution that is a department in a retail store that is rented to an outside party






19. Whereby suppliers sell through as many retailers as possible






20. Available within the company - sometimes from the data bank of a retail information system






21. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






22. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






23. 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






24. Incorporates life stages for both family and non-family households






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






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






27. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






29. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






31. Systematically lists all operating functions to be performed - their characteristics - and their timing






32. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






33. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






35. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






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






37. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






38. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






39. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






40. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






41. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






42. 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






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






44. The optimum site for a particular store






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






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






47. the drive within people to attain work-related goals - can be positive or negative






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






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 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