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. The activity whereby a retailer generates a list of job applicants






2. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






3. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






4. 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






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






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






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






8. 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






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






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






11. A multi-line firm operating under central ownership






12. Two or more retailers share an ad






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






14. Displays merchandise by common end use






15. Whereby goods owned by consumers are repaired - improved - or maintained






16. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






17. Has a primarily functional use: to neatly hang or present products






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






19. Exhibits heavier - bulkier items than a rack holds






20. A sign that displays the store's name






21. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






22. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






23. 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






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






25. Embodied by a series of activities and processes that provides a certain value for the consumer






26. Calls for precise rent increases over a stated period of time






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






28. 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






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






30. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






31. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






32. A planned shopping facility - with the largest store being a supermarket or a drugstore






33. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






34. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






35. Suppliers sell through a moderate number of retailers






36. 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






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






38. 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






39. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






40. 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






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






42. Typically supervises the on-floor selling and operational activities for a specific retail department






43. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






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






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






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






48. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






49. Relates to the quantites of merchandise a retailer handles during a stated period






50. Focuses on the sale of tangible phoducts