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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. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






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






3. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






4. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






5. Used by retailers that promote seasonally






6. Occurs when one consumer talks to others; can build a chain of customers






7. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






8. Beginning inventory - purchases - and transportation charges equal the cost of this






9. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






10. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






11. A retailers carries complementary goods and services to encourage shoppers to buy more






12. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






13. Displays merchandise by common end use






14. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






15. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






16. Focuses on the sale of tangible phoducts






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






18. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






19. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






21. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






22. 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






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






24. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






25. Consumers feel high prices connote high quality and low prices connote low quality






26. Graphically displays its hierarchical relationships created by a retailer






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






28. Projections of expected retail sales for given periods






29. The merchandise categories for which data are gathered






30. 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






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






32. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






33. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






34. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






35. A formal way to record consumer requests for unstocked for out-of-stock merchandise






36. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






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






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






40. Depicts a product offering in a thematic manner and sets a specific mood






41. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






42. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






43. A retailers commitment to a type of business and to a distinctive role in the marketplace






44. The reasons for a consumers behavior






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






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






47. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






48. Based on the actual prices received for merchandise sold during a time period less merchandise cost






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






50. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits







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