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






2. Focuses on the sale of tangible phoducts






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






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






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






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






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






8. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






10. 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






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






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






13. Merchandise that generates high sales over a short time






14. Increases an item's original price because demand is unexpectedly high or costs are rising






15. Whereby suppliers sell through as many retailers as possible






16. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






17. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






18. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






19. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






20. Involve the combination of separately owned retail firms






21. 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






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






23. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






24. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






25. Incorporates life stages for both family and non-family households






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






27. The aspects of business that a firm can directly affect






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






29. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






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






31. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






33. A form of multi-channel retailing which engages in more than one type of distribution arrangement






34. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






35. 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






36. 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






37. Available from sources outside the firm






38. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






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






40. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






41. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






42. A retailer carries more items than expects to sell over a specified period






43. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






44. A cash or card operated retailing format that dispenses goods and services






45. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






47. Involves a clear statement of the topic to be studied






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






49. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






50. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






Can you answer 50 questions in 15 minutes?



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