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. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






2. 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






3. 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)






4. The basic format or structure of a business






5. The criteria used to assess effectiveness






6. Used for products needing special handling






7. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






8. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






9. Takes place when the consumer buys out of habit and skips steps in the purchase process






10. The overall plan or framework of action that guides a retailer






11. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






12. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






13. 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






14. Two or more retailers share an ad






15. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






16. Used by retailers that promote throughout the year






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






18. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






19. 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






20. Outlines a retailer's planned expenditures for a given time based on expected performance






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






22. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






23. Available from sources outside the firm






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






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






26. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






27. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






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






30. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






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






32. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






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






34. The reasons for a consumers behavior






35. A food-based discounter offering a moderate number of food items in a no-frills setting






36. The business activities involved in selling goods and services to consumers for their personal - family - or household use






37. Systematically lists all operating functions to be performed - their characteristics - and their timing






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






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






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






41. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






42. 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






43. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






44. A listing of bipolar adjectives scales






45. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






46. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






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






48. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






49. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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


50. A case that holds piles of sale clothing - marked down books or other products