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. A way to collect - store and use relevant information about customers






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






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






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






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






6. 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






7. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






8. 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






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






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






11. 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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12. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






14. The optimum site for a particular store






15. The form of research in which present behavior or the results of past behavior are noted and recorded






16. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






17. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






18. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






19. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






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






21. Consists of the regular products carried by a retailer






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






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






24. 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






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






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






27. Payments that retailers require of vendors for providing shelf space






28. Typically supervises the on-floor selling and operational activities for a specific retail department






29. Sets the guiding principles for all the merchandise decisions a retailers makes






30. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






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






32. A retail firm that is formally incorporated under state law






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






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






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






36. 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)






37. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






38. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






39. Whereby a retailers sells to consumers through multiple retail formats






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






41. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






42. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






44. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






46. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






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






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






50. 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