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






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






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






4. Consists of products that may have cyclical sales due to changing tastes and lifestyles






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






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






7. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






8. 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






9. Two or more retailers share an ad






10. The customer group sought by a retailer






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






12. Logically assumes old merchandise is sold first - while newer items remain in inventory






13. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






14. The criteria used to assess effectiveness






15. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






16. 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






17. A retail firm owned by its customer members






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

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20. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






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






23. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






24. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






25. 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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26. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






27. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






29. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






30. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






32. Depicts a product offering in a thematic manner and sets a specific mood






33. Exhibits heavier - bulkier items than a rack holds






34. Money left after paying taxes and buying necessities






35. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






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






37. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






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






39. 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






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






42. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






43. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






45. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






46. 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






47. Zeroing in on one specific group






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






49. 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






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