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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. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






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






3. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






4. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






5. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






6. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






7. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






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






9. A retailer purposely adjusts markups by merchandise category






10. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






11. Incorporates life stages for both family and non-family households






12. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






13. When a retailer looks at data that are collected to address the specific issue or problem under study






14. Marketplace opening that exist because other retailers have not yet capitalized on them






15. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






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






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






19. Doubt that the correct decision has been made






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






21. Selling goods and services to a broad spectrum of consumers






22. 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






23. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






24. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






25. 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






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






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






28. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






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






30. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






31. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






32. 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






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






34. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






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






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






38. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






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






41. 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






42. 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






43. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






44. Consists of the regular products carried by a retailer






45. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






46. 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






47. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






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






50. The aspects of business to which a retailers must adapt







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