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. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






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






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






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






5. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






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






8. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






9. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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






11. The reasons for a consumers behavior






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






13. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






15. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






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






17. Ways in which individual consumers and families live and spend time and money






18. Zeroing in on one specific group






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






20. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






21. 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






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






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






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






25. A food-based discounter offering a moderate number of food items in a no-frills setting






26. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






27. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






28. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






29. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






30. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






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






33. 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)






34. The extent to which a person desires and pursues social status






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






36. the drive within people to attain work-related goals - can be positive or negative






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






38. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






39. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






41. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






42. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






43. Takes a customer-centered approach and presents "solutions" rather than "products"






44. A retailers has no risk because title is not taken; the supplier owns the goods until sold






45. Involve the combination of separately owned retail firms






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






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






48. Consists of all the levels of independently owned businesses along a channel of distribution






49. Occurs when one consumer talks to others; can build a chain of customers






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