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. Available from sources outside the firm






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






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






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






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






6. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






7. A retailer sets its prices in accordance with competitors'






8. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






9. A retail firm owned by its customer members






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






11. When a retailer acts in the best interests of society - as well as itself






12. Consumers feel high prices connote high quality and low prices connote low quality






13. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






14. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






16. Merchandise that generates high sales over a short time






17. Whereby suppliers sell through as many retailers as possible






18. Risk is still low - but a retailer takes title on delivery and is responsible for damages






19. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






20. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






21. The number of distinct people exposed to a retailers promotion efforts in a specific period






22. 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






23. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






25. Exhibits heavier - bulkier items than a rack holds






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






27. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






28. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






29. 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






30. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






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






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






33. Consists of products that may have cyclical sales due to changing tastes and lifestyles






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






35. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






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






38. Occurs when a consumer makes full use of the decision process






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






40. A listing of bipolar adjectives scales






41. Assigns floor space on the basis of sales or profit per foot






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






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






44. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






45. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






47. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






48. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






49. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






50. The possible benefits a retailer forgoes if it invests in one opportunity rather than another