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






2. Consumers feel high prices connote high quality and low prices connote low quality






3. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






5. The aspects of business to which a retailers must adapt






6. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






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






8. Increases an item's original price because demand is unexpectedly high or costs are rising






9. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






10. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






11. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






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






13. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






14. Competition between manufacturers and retailers for shelf space and profits






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






16. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






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






19. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






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






21. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






22. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






23. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






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






27. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






28. Where the same customers are served by both branches






29. The merchandise categories for which data are gathered






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






31. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






32. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






33. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






34. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






35. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






36. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






37. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






38. 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






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






40. The long-run and short-run performance targets a retailers hopes to attain






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






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






43. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






45. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






46. Takes a customer-centered approach and presents "solutions" rather than "products"






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






48. A retail firm that is formally incorporated under state law






49. Signals or cues as to the success or failure of that each part of the strategy






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