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






2. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






3. 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






4. The efficiency with which a retail strategy is carried out






5. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






6. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






7. Graphically displays its hierarchical relationships created by a retailer






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






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






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






12. Whereby suppliers sell through as many retailers as possible






13. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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14. Exhibits heavier - bulkier items than a rack holds






15. 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






16. Consists of the regular products carried by a retailer






17. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






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






20. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






21. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






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






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






25. 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






26. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






28. 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






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






30. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






32. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






33. Out-of-hometown shopping - is important for both local and surrounding retailers






34. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






35. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






36. An unincorporated retail firm owned by one person






37. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






38. 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






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






40. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






41. 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






42. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






43. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






44. The overall plan guiding a retail firm






45. A retailers best customers






46. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






47. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






48. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






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