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 drive within people to attain work-related goals - can be positive or negative






2. Shows the expected behavior of a good or service over its life






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






4. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






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






6. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






7. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






8. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






9. The merchandise categories for which data are gathered






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






11. The reasons for a consumers behavior






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






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






14. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






15. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






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






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






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






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






20. An unincorporated retail firm owned by two or more persons - each with a financial interest






21. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






23. Suppliers sell through a moderate number of retailers






24. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






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






27. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






28. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






31. 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






32. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






33. 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






34. The number of distinct people exposed to a retailers promotion efforts in a specific period






35. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






36. Signals or cues as to the success or failure of that each part of the strategy






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






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






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






40. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






41. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






42. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






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






44. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






46. Whereby each department is subdivided into further categories for related types of merchandise






47. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






48. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






50. 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