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






2. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






3. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






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






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






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






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






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






10. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






12. Risk is still low - but a retailer takes title on delivery and is responsible for damages






13. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






14. Refers to the variety in any one good/service (product line) a retailer carries






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






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






17. 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






18. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






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






20. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






21. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






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






24. The optimum site for a particular store






25. 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






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






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






28. Involve the combination of separately owned retail firms






29. Merchandise that generates high sales over a short time






30. Assumes new merchandise is sold first - while older stock remains in inventory






31. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






32. 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






33. Many retail vendors sell a range of products at discount prices in plain surroundings






34. Money left after paying taxes and buying necessities






35. 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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36. Systematically lists all operating functions to be performed - their characteristics - and their timing






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






38. Doubt that the correct decision has been made






39. Available within the company - sometimes from the data bank of a retail information system






40. A retailer charges the same price to all customers buying an item under similar conditions






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






42. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






43. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






44. 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






45. Available from sources outside the firm






46. Consists of all the levels of independently owned businesses along a channel of distribution






47. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






48. 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






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






50. An inexpensive display that leaves merchandise in the original carton