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. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






2. Has a primarily functional use: to neatly hang or present products






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






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






5. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






6. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






7. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






8. 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






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






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






11. Based on the actual prices received for merchandise sold during a time period less merchandise cost






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






13. 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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14. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






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






16. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






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






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






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






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






23. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






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






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






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






28. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






29. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






31. A retailer sets prices for goods and services and seeks to maintain them for an extended period






32. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






34. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






35. 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






36. Short-term selling and administrative costs in running a business






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






38. Doubt that the correct decision has been made






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






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






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






42. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






44. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






45. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






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






47. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






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






50. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions