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






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






3. The optimum site for a particular store






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






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






6. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






8. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






9. Suppliers sell through a moderate number of retailers






10. The criteria used to assess effectiveness






11. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






12. Projections of expected retail sales for given periods






13. The business activities involved in selling goods and services to consumers for their personal - family - or household use






14. The number of distinct people exposed to a retailers promotion efforts in a specific period






15. Shows the expected behavior of a good or service over its life






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






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






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






19. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






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






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






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






24. 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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25. 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






26. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






28. 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






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






30. Doubt that the correct decision has been made






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






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






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






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






35. 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






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






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






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






39. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






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






41. 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






42. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






43. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






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






46. Focuses on the sale of tangible phoducts






47. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






49. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






50. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value