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. Assigns floor space on the basis of sales or profit per foot






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






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






4. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






5. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






7. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






9. 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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10. 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






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






12. Depicts a product offering in a thematic manner and sets a specific mood






13. 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






14. Occurs when a consumer makes full use of the decision process






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






16. 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






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






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






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






20. Incorporates life stages for both family and non-family households






21. The mix of stores within a district or shopping center






22. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






24. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






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






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






28. Where the same customers are served by both branches






29. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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






31. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






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






33. 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






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






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






36. A sign that displays the store's name






37. Appeals to price-conscious consumers - who must be members to shop there






38. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






39. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






40. A retailer carries more items than expects to sell over a specified period






41. A case that holds piles of sale clothing - marked down books or other products






42. A retailer sets its prices in accordance with competitors'






43. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






44. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






45. When manufacturers and wholesales seek to control the retail prices of their goods and services






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






47. Exhibits heavier - bulkier items than a rack holds






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






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






50. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies