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. Suppliers sell through a moderate number of retailers






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






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






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






5. Used for products needing special handling






6. Factors having a high relationship with job success are given more weight than others






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






8. Whereby franchisors limit franchisee involvement in the strategic planning process






9. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






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






11. 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






12. 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)






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






14. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






15. Exhibits heavier - bulkier items than a rack holds






16. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






17. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






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






19. 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






20. 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






21. A retailer purposely adjusts markups by merchandise category






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






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






24. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






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






26. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






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






28. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






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






31. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






32. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






34. 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






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






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






37. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






38. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






39. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






40. The optimum site for a particular store






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






42. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






43. Shows the expected behavior of a good or service over its life






44. Determines the floor space necessary to carry and display a proper merchandise assortment






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






46. Embodied by a series of activities and processes that provides a certain value for the consumer






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






48. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






50. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business