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






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






3. Many retail vendors sell a range of products at discount prices in plain surroundings






4. Reward a retailers best customers - those with whom it wants long-lasting relationships with






5. 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






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






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






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






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






10. A retailers carries complementary goods and services to encourage shoppers to buy more






11. Payments that retailers require of vendors for providing shelf space






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






13. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






14. Whereby franchisors limit franchisee involvement in the strategic planning process






15. 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






16. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






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






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






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






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






21. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






23. Risk is still low - but a retailer takes title on delivery and is responsible for damages






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






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






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






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






28. Actively involved with informing and persuading customers in closing sales






29. The merchandise categories for which data are gathered






30. A planned shopping facility - with the largest store being a supermarket or a drugstore






31. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






32. 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






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






34. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






35. A listing of bipolar adjectives scales






36. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






37. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






38. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






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






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






41. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






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






44. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






46. 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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47. Out-of-hometown shopping - is important for both local and surrounding retailers






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






49. Two or more retailers share an ad






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