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






2. Consists of the regular products carried by a retailer






3. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






4. Takes a customer-centered approach and presents "solutions" rather than "products"






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






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






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






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






9. Calls for all maintenance costs to be paid by the retailer






10. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






11. Used for products needing special handling






12. Influence people's thought and behavior such as families - aspirational groups and membership groups






13. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






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






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






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






17. Involve the combination of separately owned retail firms






18. 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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19. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






20. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






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






22. 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






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






24. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






26. The manner of providing a job environment that encourages employee accomplishment






27. 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






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






29. Short-term selling and administrative costs in running a business






30. 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






31. Available within the company - sometimes from the data bank of a retail information system






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






33. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






34. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






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






36. Focuses on the sale of tangible phoducts






37. A case that holds piles of sale clothing - marked down books or other products






38. Mandates that persons with disabilities be given appropriate access to retailing facilities






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






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






41. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






42. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






43. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






44. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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






46. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






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






48. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






50. A retailer sets prices for goods and services and seeks to maintain them for an extended period