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






2. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






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






4. The efficiency with which a retail strategy is carried out






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






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






7. Graphically displays its hierarchical relationships created by a retailer






8. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






9. Every store - product - or customer has an equal or known chance of being chosen for a study






10. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






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






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






13. 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






14. The cost of running a retail business






15. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






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






18. 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






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






20. Places together various items that appeal to a given target market






21. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






22. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






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






24. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






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






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






27. An unincorporated retail firm owned by one person






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






29. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






30. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






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






32. The basic format or structure of a business






33. Risk is still low - but a retailer takes title on delivery and is responsible for damages






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






35. The manner of providing a job environment that encourages employee accomplishment






36. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






37. The customer group sought by a retailer






38. 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






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






40. 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






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






42. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






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






44. 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






45. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






46. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






47. Whereby a retailers sells to consumers through multiple retail formats






48. A listing of bipolar adjectives scales






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






50. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services