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 the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






3. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






4. 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






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






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






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






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






9. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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






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






12. The optimum site for a particular store






13. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






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






15. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






16. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






17. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






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






19. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






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






21. The reasons for a consumers behavior






22. 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






23. Involves an informal ranking of people based on income - occupation - education and other factors






24. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






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






27. Consists of the regular products carried by a retailer






28. Information is systematically gathered from respondents by communicating with them






29. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






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






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






32. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






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






35. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






36. A retailer purposely adjusts markups by merchandise category






37. Describes how traditional family moves from bachelorhood to children to solitary retirement






38. Includes all the remaining customers - and they are the most widely dispersed






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






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






41. Customer orientation - coordinated effort - value driven and goal orientation






42. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






43. 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






44. Appeals to price-conscious consumers - who must be members to shop there






45. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






46. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






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






49. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






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