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






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






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






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






5. A merchandising technique that some firms use to improve productivity






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






7. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






8. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






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






10. 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






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






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






13. The merchandise categories for which data are gathered






14. Whereby franchisors limit franchisee involvement in the strategic planning process






15. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






17. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






19. Graphically displays its hierarchical relationships created by a retailer






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






21. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






23. 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






24. The overall plan guiding a retail firm






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






26. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






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






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






29. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






30. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






31. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






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






33. Converts shopping from a passive activity into a more interactive one - by better engaging customers






34. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






35. A retailers best customers






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






37. Exhibits heavier - bulkier items than a rack holds






38. When retailers count on suppliers to participate in their inventory management programs






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






40. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






41. The aspects of business that a firm can directly affect






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






43. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






44. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






45. The criteria used to assess effectiveness






46. 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






47. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






48. 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)






49. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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