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. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






2. Available from sources outside the firm






3. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






4. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






6. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






8. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






9. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






11. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






12. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






14. 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






15. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






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






17. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






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






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






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






22. A merchandising technique that some firms use to improve productivity






23. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






24. The optimum site for a particular store






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






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






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






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






29. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






30. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






31. The activity whereby a retailer generates a list of job applicants






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






33. 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






34. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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






36. Appeals to price-conscious consumers - who must be members to shop there






37. 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






38. A retailers best customers






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






40. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






41. Takes a customer-centered approach and presents "solutions" rather than "products"






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






43. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






45. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






46. Consumers feel high prices connote high quality and low prices connote low quality






47. The aspects of business to which a retailers must adapt






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






49. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






50. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock