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. Calls for precise rent increases over a stated period of time






2. Doubt that the correct decision has been made






3. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






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






6. A listing of bipolar adjectives scales






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






8. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






9. the drive within people to attain work-related goals - can be positive or negative






10. 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)






11. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






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






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






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






16. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






17. Projections of expected retail sales for given periods






18. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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19. Money left after paying taxes and buying necessities






20. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






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






22. Involves oral communication with one or more prospective customers for the purpose of making a sale






23. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






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






26. Has a primarily functional use: to neatly hang or present products






27. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






29. The form of research in which present behavior or the results of past behavior are noted and recorded






30. Whereby each department is subdivided into further categories for related types of merchandise






31. Lets consumers bargain over prices; those who are good at it obtain lower prices






32. Includes all the remaining customers - and they are the most widely dispersed






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






34. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






35. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






37. 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






38. Focuses on the sale of tangible phoducts






39. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






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






41. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






42. The reasons for a consumers behavior






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






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






45. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






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






47. Refers to the variety in any one good/service (product line) a retailer carries






48. 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






49. The aspects of business to which a retailers must adapt






50. Involves an informal ranking of people based on income - occupation - education and other factors