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. 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






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






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






4. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






5. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






6. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






7. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






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






9. The criteria used to assess effectiveness






10. Two or more retailers share an ad






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






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






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






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






15. An unincorporated retail firm owned by one person






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






17. 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






18. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






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






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






21. Takes a customer-centered approach and presents "solutions" rather than "products"






22. Doubt that the correct decision has been made






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






24. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






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






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






27. Financial obligations a retailer incurs in operating a business






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






29. Out-of-hometown shopping - is important for both local and surrounding retailers






30. Consumers feel high prices connote high quality and low prices connote low quality






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






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






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






34. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






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






37. Describes how traditional family moves from bachelorhood to children to solitary retirement






38. 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






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






40. Ways in which individual consumers and families live and spend time and money






41. 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






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






43. 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






44. Used by retailers that promote throughout the year






45. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






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






47. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






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






49. 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






50. The portion of revenues turned over to the federal - state and/or local government