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. Suppliers sell through a moderate number of retailers






2. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






3. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






4. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






5. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






6. Financial obligations a retailer incurs in operating a business






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






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






9. Whereby each department is subdivided into further categories for related types of merchandise






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






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






12. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






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






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






16. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






18. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






19. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






20. Based on the original retail value assigned to merchandise less the costs of the merchandise






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






22. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






23. Represents how a given retailer is perceived by consumers and others






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






25. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






26. Two or more retailers share an ad






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






28. Logically assumes old merchandise is sold first - while newer items remain in inventory






29. Doubt that the correct decision has been made






30. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






32. The manner of providing a job environment that encourages employee accomplishment






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






34. The criteria used to assess effectiveness






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






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






37. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






38. 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






39. Concentrates on selling one goods or service line - such as young women's apparel






40. Determines the floor space necessary to carry and display a proper merchandise assortment






41. Retailers price selected items below cost to lure more customer traffic for those retailers






42. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






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






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






46. 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






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






48. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






50. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display