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. When a retailer acts in the best interests of society - as well as itself






2. Focuses on the sale of tangible phoducts






3. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






4. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






5. Two or more retailers share an ad






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






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






8. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






9. Customer orientation - coordinated effort - value driven and goal orientation






10. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






11. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






12. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






13. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






14. A type of retail institution that is a department in a retail store that is rented to an outside party






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






16. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






17. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






18. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






19. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






20. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






21. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






22. Based on the original retail value assigned to merchandise less the costs of the merchandise






23. Financial obligations a retailer incurs in operating a business






24. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






25. 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






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






27. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






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






29. Consists of products that sell well over nonconsecutive time periods






30. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






31. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






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






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






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






35. Increases an item's original price because demand is unexpectedly high or costs are rising






36. 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






37. The aspects of business that a firm can directly affect






38. Factors having a high relationship with job success are given more weight than others






39. A multi-line firm operating under central ownership






40. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






41. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






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






44. Converts shopping from a passive activity into a more interactive one - by better engaging customers






45. Displays merchandise by common end use






46. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






47. 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






48. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






49. Doubt that the correct decision has been made






50. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs