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






2. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






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






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






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






7. Represents how a given retailer is perceived by consumers and others






8. A sign that displays the store's name






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






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






11. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






12. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






13. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






15. Available from sources outside the firm






16. The long-run and short-run performance targets a retailers hopes to attain






17. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






18. Marketplace opening that exist because other retailers have not yet capitalized on them






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






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






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






22. 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






23. A cash or card operated retailing format that dispenses goods and services






24. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






25. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






26. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






27. Whereby a retailers sells to consumers through multiple retail formats






28. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






29. 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






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






31. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






32. A formal way to record consumer requests for unstocked for out-of-stock merchandise






33. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






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






36. 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






37. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






39. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






40. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






41. Retailers price selected items below cost to lure more customer traffic for those retailers






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






43. Beginning inventory - purchases - and transportation charges equal the cost of this






44. A retail firm owned by its customer members






45. Sets the guiding principles for all the merchandise decisions a retailers makes






46. Competition between manufacturers and retailers for shelf space and profits






47. The sum total of an individuals traits - which make that individual unique






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






49. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






50. Used by retailers that promote throughout the year







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