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. Where the same customers are served by both branches






2. A listing of bipolar adjectives scales






3. 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






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






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






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






7. 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






8. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






9. Objective - quantifiable - easily identifiable and measurable population data






10. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






11. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






12. Doubt that the correct decision has been made






13. Zeroing in on one specific group






14. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






16. Short-term selling and administrative costs in running a business






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






18. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






19. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






21. 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






22. 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






23. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






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






25. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






26. 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






27. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






29. Used for products needing special handling






30. 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






31. The aspects of business that a firm can directly affect






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






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






34. 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






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






36. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






37. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






38. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






39. The form of research in which present behavior or the results of past behavior are noted and recorded






40. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






41. Calls for all maintenance costs to be paid by the retailer






42. Factors having a high relationship with job success are given more weight than others






43. Selling goods and services to a broad spectrum of consumers






44. Consists of the regular products carried by a retailer






45. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






46. Occurs when one consumer talks to others; can build a chain of customers






47. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






48. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






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