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. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






2. Used by retailers that promote throughout the year






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






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






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






6. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






7. 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






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. The portion of revenues turned over to the federal - state and/or local government






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






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






12. The mix of stores within a district or shopping center






13. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






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






15. Lets consumers bargain over prices; those who are good at it obtain lower prices






16. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






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






18. Occurs when a consumer makes full use of the decision process






19. 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






20. Money left after paying taxes and buying necessities






21. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






22. The line of business in which a retailer operates






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






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






25. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






26. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






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






29. 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






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






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






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






33. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






34. Depicts a product offering in a thematic manner and sets a specific mood






35. Graphically displays its hierarchical relationships created by a retailer






36. A retailer sets its prices in accordance with competitors'






37. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






38. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






40. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






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






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






44. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






45. A type of retail institution in which a retailers owns one retail unit






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






47. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






48. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






49. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






50. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves