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






2. 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

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3. A manufacturer and a retailer or a wholesales and a retailer share an ad






4. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






5. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






7. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






8. A memorized - repetitive speech given to all customers interested in a particular item






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






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






11. Embodied by a series of activities and processes that provides a certain value for the consumer






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






13. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






15. 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






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






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






18. Places together various items that appeal to a given target market






19. A retailer wants to maintain a specified ratio of goods on hand to sales






20. Beginning inventory - purchases - and transportation charges equal the cost of this






21. 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






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






23. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






24. Zeroing in on one specific group






25. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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26. Out-of-hometown shopping - is important for both local and surrounding retailers






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






28. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






29. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






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






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






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






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






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






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






37. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






38. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






39. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






40. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






42. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






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






45. The merchandise categories for which data are gathered






46. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






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






48. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






50. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement