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. 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






2. 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






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






4. The aspects of business that a firm can directly affect






5. 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






6. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






7. Consists of products that sell well over nonconsecutive time periods






8. There is more interactive relationship between a franchisor and a franchisee






9. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






10. Whereby goods owned by consumers are repaired - improved - or maintained






11. Based on the original retail value assigned to merchandise less the costs of the merchandise






12. Where the same customers are served by both branches






13. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






15. A retailers has no risk because title is not taken; the supplier owns the goods until sold






16. 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






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






18. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






19. Consists of the regular products carried by a retailer






20. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






22. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






23. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






24. 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






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






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






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






28. Objective - quantifiable - easily identifiable and measurable population data






29. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






30. Focuses on the sale of tangible phoducts






31. 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






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






33. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






34. Lets consumers bargain over prices; those who are good at it obtain lower prices






35. Available from sources outside the firm






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






37. The line of business in which a retailer operates






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






39. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






40. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






41. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






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






43. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






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






45. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






46. Displays merchandise by common end use






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






48. A retail firm owned by its customer members






49. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






50. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response