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






2. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






3. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






5. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






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






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






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






9. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






10. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






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






13. 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






14. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






15. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






16. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






17. A planned shopping facility - with the largest store being a supermarket or a drugstore






18. A memorized - repetitive speech given to all customers interested in a particular item






19. 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






20. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






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






23. Whereby consumers lease and use goods for specified periods of time






24. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






25. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






26. Used by retailers that promote seasonally






27. A sign that displays the store's name






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






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






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






31. The line of business in which a retailer operates






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






33. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






34. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






35. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






36. 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






37. A retailers best customers






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






39. Involve the combination of separately owned retail firms






40. The sum total of an individuals traits - which make that individual unique






41. Merchandise that generates high sales over a short time






42. Involves a clear statement of the topic to be studied






43. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






45. Focuses on the sale of tangible phoducts






46. The activity whereby a retailer generates a list of job applicants






47. Financial obligations a retailer incurs in operating a business






48. An unincorporated retail firm owned by two or more persons - each with a financial interest






49. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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