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. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






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






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






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






5. A retailers best customers






6. A listing of bipolar adjectives scales






7. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






8. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






9. Appeals to price-conscious consumers - who must be members to shop there






10. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






11. A retailers has no risk because title is not taken; the supplier owns the goods until sold






12. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






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






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






15. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






16. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






17. Whereby consumers lease and use goods for specified periods of time






18. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






19. Any item a retailer owns with monetary value






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






21. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






22. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






23. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






24. Many retail vendors sell a range of products at discount prices in plain surroundings






25. Where a consumer must pay the bill in full when it is due






26. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






27. 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






28. Incorporates life stages for both family and non-family households






29. 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






30. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






31. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






33. The number of distinct people exposed to a retailers promotion efforts in a specific period






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






35. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






36. 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)






37. Shows the expected behavior of a good or service over its life






38. Whereby goods owned by consumers are repaired - improved - or maintained






39. A retailer carries more items than expects to sell over a specified period






40. The basic format or structure of a business






41. 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






42. the drive within people to attain work-related goals - can be positive or negative






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






44. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






45. Refers to the number of distinct goods/services categories (product lines) a retailer carries






46. Suppliers sell through a moderate number of retailers






47. A planned shopping facility - with the largest store being a supermarket or a drugstore






48. Sets the guiding principles for all the merchandise decisions a retailers makes






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






50. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment