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. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






2. 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






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






4. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






5. The basic format or structure of a business






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






7. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






8. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






9. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






10. Occurs when one consumer talks to others; can build a chain of customers






11. Available from sources outside the firm






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






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






14. Consists of the regular products carried by a retailer






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






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






17. 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






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






19. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






20. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






21. Consists of all the levels of independently owned businesses along a channel of distribution






22. A retailer purposely adjusts markups by merchandise category






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






24. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






25. Used for products needing special handling






26. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






27. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






28. When a retailer acts in the best interests of society - as well as itself






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






30. 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






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






32. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






33. A form of multi-channel retailing which engages in more than one type of distribution arrangement






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






35. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






36. Selling goods and services to a broad spectrum of consumers






37. The reasons for a consumers behavior






38. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






39. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






40. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






41. Used by retailers that promote throughout the year






42. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






43. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






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






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






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






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






48. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






49. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






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