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






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






3. 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






4. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






6. Assumes new merchandise is sold first - while older stock remains in inventory






7. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






8. A merchandising technique that some firms use to improve productivity






9. Money left after paying taxes and buying necessities






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






11. Financial obligations a retailer incurs in operating a business






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






13. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






14. A retailer sets prices for goods and services and seeks to maintain them for an extended period






15. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






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






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






19. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






20. Retailers price selected items below cost to lure more customer traffic for those retailers






21. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






22. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






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






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






26. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






27. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






29. 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






30. Any item a retailer owns with monetary value






31. 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






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






33. When a retailer looks at data that are collected to address the specific issue or problem under study






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






35. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






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






38. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






39. A retailer carries more items than expects to sell over a specified period






40. Has a primarily functional use: to neatly hang or present products






41. Mandates that persons with disabilities be given appropriate access to retailing facilities






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






43. A retail firm owned by its customer members






44. 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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45. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






46. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






47. The sum total of an individuals traits - which make that individual unique






48. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






49. Projections of expected retail sales for given periods






50. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time