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. 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






2. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






3. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






4. Takes place when the consumer buys out of habit and skips steps in the purchase process






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






6. Doubt that the correct decision has been made






7. The criteria used to assess effectiveness






8. 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






9. Involves an informal ranking of people based on income - occupation - education and other factors






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






11. 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






12. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






13. A retailers best customers






14. A retailer purposely adjusts markups by merchandise category






15. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






16. Suppliers sell through a moderate number of retailers






17. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






18. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






20. Involve the combination of separately owned retail firms






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






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






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






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






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






26. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






27. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






28. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






30. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






31. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






32. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






34. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






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






36. Embodied by a series of activities and processes that provides a certain value for the consumer






37. The optimum site for a particular store






38. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






39. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






40. A retail firm that is formally incorporated under state law






41. Used for products needing special handling






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






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






44. 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






45. When a retailer acts in the best interests of society - as well as itself






46. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






47. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






48. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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49. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






50. 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