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. 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






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






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






4. 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






5. 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]






6. When a retailer acts in the best interests of society - as well as itself






7. 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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8. A retailers carries complementary goods and services to encourage shoppers to buy more






9. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






10. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






12. A retail firm owned by its customer members






13. Used by retailers that promote seasonally






14. The aspects of business that a firm can directly affect






15. The positive - neutral or negative feelings a person has about different topics






16. Money left after paying taxes and buying necessities






17. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






18. 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






19. A retailer sets its prices in accordance with competitors'






20. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






21. Assumes new merchandise is sold first - while older stock remains in inventory






22. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






23. Equals the cost of merchandise available for sale minus the cost value of ending inventory






24. 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






25. Available from sources outside the firm






26. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






27. 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






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






29. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






30. A cash or card operated retailing format that dispenses goods and services






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






32. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






33. Selling goods and services to a broad spectrum of consumers






34. The customer group sought by a retailer






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






36. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






37. When retailers count on suppliers to participate in their inventory management programs






38. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






40. Information is systematically gathered from respondents by communicating with them






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






42. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






43. Factors having a high relationship with job success are given more weight than others






44. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






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






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






48. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






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






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