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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. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






3. 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






4. 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






5. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






6. 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






7. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






8. Doubt that the correct decision has been made






9. A type of retail institution in which a retailers owns one retail unit






10. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






11. The reasons for a consumers behavior






12. The positive - neutral or negative feelings a person has about different topics






13. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






14. A cash or card operated retailing format that dispenses goods and services






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






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






17. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






18. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






19. The optimum site for a particular store






20. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






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






23. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






24. Selling goods and services to a broad spectrum of consumers






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






26. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






27. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






28. Whereby consumers lease and use goods for specified periods of time






29. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






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






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






32. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






34. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






35. The overall plan guiding a retail firm






36. Merchandise that generates high sales over a short time






37. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






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






39. 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






40. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






42. Actively involved with informing and persuading customers in closing sales






43. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






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






46. 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






47. The criteria used to assess effectiveness






48. Mandates that persons with disabilities be given appropriate access to retailing facilities






49. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






50. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories







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