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. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






2. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






3. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






4. The long-run and short-run performance targets a retailers hopes to attain






5. A retailer purposely adjusts markups by merchandise category






6. The overall plan or framework of action that guides a retailer






7. Outlines a retailer's planned expenditures for a given time based on expected performance






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






9. 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






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






11. When a retailer looks at data that are collected to address the specific issue or problem under study






12. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






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






14. Projections of expected retail sales for given periods






15. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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






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






18. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






20. Where the same customers are served by both branches






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






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






23. Every store - product - or customer has an equal or known chance of being chosen for a study






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






25. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






26. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






27. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






28. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






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






31. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






32. Used by retailers that promote seasonally






33. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






34. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






35. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






36. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






38. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






39. 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






40. 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






41. The portion of revenues turned over to the federal - state and/or local government






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






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






44. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






45. A sign that displays the store's name






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






47. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






48. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






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






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