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






2. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






3. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






4. The activity whereby a retailer generates a list of job applicants






5. Focuses on the sale of tangible phoducts






6. 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






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






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






9. Places together various items that appeal to a given target market






10. Signals or cues as to the success or failure of that each part of the strategy






11. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






12. Calls for precise rent increases over a stated period of time






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






14. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






15. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






17. A memorized - repetitive speech given to all customers interested in a particular item






18. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






19. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






20. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






21. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






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






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






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






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






28. 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






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






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






31. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






32. Assigns floor space on the basis of sales or profit per foot






33. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






34. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






35. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






36. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






37. Where the same customers are served by both branches






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






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






40. Where a consumer must pay the bill in full when it is due






41. Based on the actual prices received for merchandise sold during a time period less merchandise cost






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






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






44. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






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






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






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






48. Used by retailers that promote throughout the year






49. 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






50. 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