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. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






2. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






3. 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






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






5. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






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






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






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






10. Depicts a product offering in a thematic manner and sets a specific mood






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






12. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






14. Exhibits heavier - bulkier items than a rack holds






15. Involve the combination of separately owned retail firms






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






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






18. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






19. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






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






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






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






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






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






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






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






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






29. Consists of products that sell well over nonconsecutive time periods






30. An unincorporated retail firm owned by one person






31. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






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






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






34. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






35. A retailer charges the same price to all customers buying an item under similar conditions






36. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






37. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






38. A sign that displays the store's name






39. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






41. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






42. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






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






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






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






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






49. A retail firm owned by its customer members






50. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules