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. An inexpensive display that leaves merchandise in the original carton






2. A way to collect - store and use relevant information about customers






3. 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






4. Information is systematically gathered from respondents by communicating with them






5. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






7. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






8. The criteria used to assess effectiveness






9. A multi-line firm operating under central ownership






10. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






11. Used by retailers that promote seasonally






12. The optimum site for a particular store






13. 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






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






15. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






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






17. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






18. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






19. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






20. Payments that retailers require of vendors for providing shelf space






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






22. 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)






23. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






24. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






26. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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27. A large - planned shopping facility appealing to a geographically dispersed market






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






29. 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






30. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






31. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






33. Competition between manufacturers and retailers for shelf space and profits






34. 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






35. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






36. 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






37. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






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






39. Used for products needing special handling






40. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






41. The customer group sought by a retailer






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






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






44. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






45. Many retail vendors sell a range of products at discount prices in plain surroundings






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






47. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






49. Doubt that the correct decision has been made






50. Reward a retailers best customers - those with whom it wants long-lasting relationships with