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






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






3. Whereby goods owned by consumers are repaired - improved - or maintained






4. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






5. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






6. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






7. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






8. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






9. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






10. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






11. There is more interactive relationship between a franchisor and a franchisee






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






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






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






15. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






16. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






17. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






18. The positive - neutral or negative feelings a person has about different topics






19. 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)






20. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






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






22. Shows the expected behavior of a good or service over its life






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






24. Beginning inventory - purchases - and transportation charges equal the cost of this






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






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






27. Every store - product - or customer has an equal or known chance of being chosen for a study






28. 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






29. 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






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






31. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






33. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






34. 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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35. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






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






38. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






39. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






40. Where the same customers are served by both branches






41. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






42. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






43. Used by retailers that promote throughout the year






44. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






46. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






47. Incorporates life stages for both family and non-family households






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






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






50. 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