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. Used for products needing special handling






2. Where the same customers are served by both branches






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






4. 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)






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






6. An inexpensive display that leaves merchandise in the original carton






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






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






9. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






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






12. 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






13. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






14. When a retailer looks at data that are collected to address the specific issue or problem under study






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






16. Competition between manufacturers and retailers for shelf space and profits






17. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






18. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






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






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






21. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






23. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






24. 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






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






26. Actively involved with informing and persuading customers in closing sales






27. A type of retail institution that is a department in a retail store that is rented to an outside party






28. 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






29. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






30. Based on the original retail value assigned to merchandise less the costs of the merchandise






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






32. Projections of expected retail sales for given periods






33. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






34. Merchandise that generates high sales over a short time






35. Zeroing in on one specific group






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






37. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






39. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






40. 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






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






42. Determines the floor space necessary to carry and display a proper merchandise assortment






43. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






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






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






46. 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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47. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






48. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






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






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