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. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






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






4. Available from sources outside the firm






5. Customer orientation - coordinated effort - value driven and goal orientation






6. A manufacturer and a retailer or a wholesales and a retailer share an ad






7. Actively involved with informing and persuading customers in closing sales






8. 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






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






10. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






11. A retailer wants to maintain a specified ratio of goods on hand to sales






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






13. Places together various items that appeal to a given target market






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






15. The line of business in which a retailer operates






16. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






17. Represents how a given retailer is perceived by consumers and others






18. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






19. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






20. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






22. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






24. Displays merchandise by common end use






25. Zeroing in on one specific group






26. The sum total of an individuals traits - which make that individual unique






27. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






28. Any item a retailer owns with monetary value






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






30. 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






31. 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






32. Represents the total bundle of benefits offered to consumers through a channel of distribution






33. Whereby prices are marked only on shelves or signs and not on individual items






34. 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






35. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






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






37. Consists of products that may have cyclical sales due to changing tastes and lifestyles






38. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






39. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






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






42. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






43. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






44. When manufacturers and wholesales seek to control the retail prices of their goods and services






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

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46. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






48. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






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






50. 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