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






2. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






4. Displays merchandise by common end use






5. A planned shopping facility - with the largest store being a supermarket or a drugstore






6. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






7. Used by retailers that promote seasonally






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






9. 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






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






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






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






13. 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






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






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






16. The service level that customers want to receive from any retailer - such as basic employee courtesy






17. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






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






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






20. A memorized - repetitive speech given to all customers interested in a particular item






21. A retailers carries complementary goods and services to encourage shoppers to buy more






22. Assumes new merchandise is sold first - while older stock remains in inventory






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






24. The profit earned after all costs and taxes have been deducted






25. Consists of the regular products carried by a retailer






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






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






28. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






29. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






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






31. 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






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






33. 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






34. Influence people's thought and behavior such as families - aspirational groups and membership groups






35. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






36. 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)






37. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






38. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






39. Relates to the quantites of merchandise a retailer handles during a stated period






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






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






42. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






43. Money left after paying taxes and buying necessities






44. Sets the guiding principles for all the merchandise decisions a retailers makes






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






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






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






48. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






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