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






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






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






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






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






6. Beginning inventory - purchases - and transportation charges equal the cost of this






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






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






9. The customer group sought by a retailer






10. The cost of running a retail business






11. Has a primarily functional use: to neatly hang or present products






12. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






13. Used by retailers that promote seasonally






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






15. A retailers best customers






16. Systematically lists all operating functions to be performed - their characteristics - and their timing






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






18. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






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






20. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






21. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






22. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






23. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






24. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






25. Used for products needing special handling






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






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






28. Zeroing in on one specific group






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






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






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






32. Sets the guiding principles for all the merchandise decisions a retailers makes






33. 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






34. Consists of the regular products carried by a retailer






35. Whereby a retailers sells to consumers through multiple retail formats






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






37. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






38. A way to collect - store and use relevant information about customers






39. 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






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






41. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






42. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






44. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






45. 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






46. 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






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






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






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






50. Involves oral communication with one or more prospective customers for the purpose of making a sale