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. Refers to the variety in any one good/service (product line) a retailer carries






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






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






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






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






6. Concentrates on selling one goods or service line - such as young women's apparel






7. 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






8. The efficiency with which a retail strategy is carried out






9. 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)






10. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






11. A large - planned shopping facility appealing to a geographically dispersed market






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






13. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






14. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






16. A sign that displays the store's name






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






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






19. A retailers best customers






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






21. Where a consumer must pay the bill in full when it is due






22. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






23. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






24. 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






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






26. 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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






29. Projections of expected retail sales for given periods






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






31. When retailers count on suppliers to participate in their inventory management programs






32. The cost of running a retail business






33. Involves oral communication with one or more prospective customers for the purpose of making a sale






34. When manufacturers and wholesales seek to control the retail prices of their goods and services






35. 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






36. The criteria used to assess effectiveness






37. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






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






39. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






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






42. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






44. An unincorporated retail firm owned by one person






45. The extent to which a person desires and pursues social status






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






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






48. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






49. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






50. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal