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






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






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






4. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






5. Consists of products that may have cyclical sales due to changing tastes and lifestyles






6. Suppliers sell through a moderate number of retailers






7. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






8. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






10. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






11. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






12. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






14. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






16. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






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. Out-of-hometown shopping - is important for both local and surrounding retailers






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






20. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






21. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






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






24. The reasons for a consumers behavior






25. Payments that retailers require of vendors for providing shelf space






26. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






27. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






28. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






29. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






31. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






32. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






34. A multi-line firm operating under central ownership






35. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






36. 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






37. Exhibits heavier - bulkier items than a rack holds






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






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






40. The optimum site for a particular store






41. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






42. Includes all the remaining customers - and they are the most widely dispersed






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






44. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






45. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






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






47. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






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






49. Information is systematically gathered from respondents by communicating with them






50. 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