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






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






3. Based on the actual prices received for merchandise sold during a time period less merchandise cost






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






5. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






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






7. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






8. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






9. The optimum site for a particular store






10. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






11. Whereby prices are marked only on shelves or signs and not on individual items






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






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






15. Consists of products that sell well over nonconsecutive time periods






16. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






17. Customer orientation - coordinated effort - value driven and goal orientation






18. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






19. The difference between net sales and the total cost of goods sold






20. A large - planned shopping facility appealing to a geographically dispersed market






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






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






23. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






24. The basic format or structure of a business






25. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






26. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






28. 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






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






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






31. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






32. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






33. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






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






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






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






37. 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






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






39. 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






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






41. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






42. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






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






44. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






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






47. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






48. A retailer carries more items than expects to sell over a specified period






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






50. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name