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. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






3. Risk is still low - but a retailer takes title on delivery and is responsible for damages






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






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






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






7. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






9. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






10. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






11. Whereby suppliers sell through as many retailers as possible






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






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






14. Information is systematically gathered from respondents by communicating with them






15. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






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






18. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






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






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






21. A sign that displays the store's name






22. Money left after paying taxes and buying necessities






23. 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






24. Graphically displays its hierarchical relationships created by a retailer






25. Based on the original retail value assigned to merchandise less the costs of the merchandise






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






27. 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






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






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






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






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






32. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






33. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






34. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






35. 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






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






37. 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






38. A listing of bipolar adjectives scales






39. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






40. 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






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






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






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






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






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






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






47. Involve the combination of separately owned retail firms






48. Financial obligations a retailer incurs in operating a business






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






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