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. Whereby a retailers sells to consumers through multiple retail formats






2. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






3. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






4. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






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






6. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






7. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






8. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






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






10. Takes place when the consumer buys out of habit and skips steps in the purchase process






11. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






12. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






13. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






14. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






15. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






16. 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






17. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






19. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






20. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






21. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






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






23. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






24. A large - planned shopping facility appealing to a geographically dispersed market






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






26. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






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






29. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






30. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






32. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






33. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






34. A retailer purposely adjusts markups by merchandise category






35. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






36. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






37. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






38. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






39. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






40. Converts shopping from a passive activity into a more interactive one - by better engaging customers






41. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






43. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






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






46. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






48. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






49. The cost of running a retail business






50. The optimum site for a particular store