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 that appeals to the convenience shopping and service needs of a single residential area






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






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






4. Calls for precise rent increases over a stated period of time






5. The criteria used to assess effectiveness






6. Whereby suppliers sell through as many retailers as possible






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






8. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






9. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






11. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






12. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






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






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






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






16. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






17. Ways in which individual consumers and families live and spend time and money






18. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






19. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






20. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






22. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






23. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






24. Focuses on the sale of tangible phoducts






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






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






27. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






28. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






29. A type of retail institution in which a retailers owns one retail unit






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






31. Consists of the regular products carried by a retailer






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






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






34. Assigns floor space on the basis of sales or profit per foot






35. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






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






37. Retailers price selected items below cost to lure more customer traffic for those retailers






38. Objective - quantifiable - easily identifiable and measurable population data






39. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






40. The reasons for a consumers behavior






41. Marketplace opening that exist because other retailers have not yet capitalized on them






42. Calls for all maintenance costs to be paid by the retailer






43. 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






44. 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






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






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






47. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






48. Increases an item's original price because demand is unexpectedly high or costs are rising






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






50. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation