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






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






3. Whereby prices are marked only on shelves or signs and not on individual items






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






5. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






6. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






8. A retailers commitment to a type of business and to a distinctive role in the marketplace






9. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






10. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






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






12. Involves an informal ranking of people based on income - occupation - education and other factors






13. 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






14. Used for products needing special handling






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






16. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






17. Available within the company - sometimes from the data bank of a retail information system






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






19. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






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






22. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






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






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






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






26. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






28. Where the same customers are served by both branches






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






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






31. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






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






33. The reasons for a consumers behavior






34. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






35. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






37. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






39. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






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






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






42. 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






43. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






45. 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)






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






47. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






48. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






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






50. The merchandise categories for which data are gathered