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. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






2. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






3. Whereby suppliers sell through as many retailers as possible






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






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






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






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






8. Actively involved with informing and persuading customers in closing sales






9. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






10. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






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






12. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






13. Whereby franchisors limit franchisee involvement in the strategic planning process






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






15. Payments that retailers require of vendors for providing shelf space






16. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






17. A merchandising technique that some firms use to improve productivity






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






19. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






20. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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






22. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






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






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






26. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






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






29. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






31. Doubt that the correct decision has been made






32. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






33. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






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






35. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






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






37. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






38. 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






39. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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40. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






41. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






42. A food-based discounter offering a moderate number of food items in a no-frills setting






43. Consists of the regular products carried by a retailer






44. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






45. Suppliers sell through a moderate number of retailers






46. Whereby each department is subdivided into further categories for related types of merchandise






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






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






49. Outlines a retailer's planned expenditures for a given time based on expected performance






50. The profit earned after all costs and taxes have been deducted