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 computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






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






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






5. 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






6. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






7. Where the same customers are served by both branches






8. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






10. The reasons for a consumers behavior






11. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






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






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






14. 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






15. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






16. A sign that displays the store's name






17. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






18. Money left after paying taxes and buying necessities






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






20. When two or more retailers or a manufacturers/wholesalers share the advertising costs






21. There is more interactive relationship between a franchisor and a franchisee






22. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






23. Merchandise that generates high sales over a short time






24. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






25. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






27. Any item a retailer owns with monetary value






28. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






29. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






31. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






33. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






34. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






35. Outlines a retailer's planned expenditures for a given time based on expected performance






36. Information is systematically gathered from respondents by communicating with them






37. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






38. The difference between net sales and the total cost of goods sold






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






40. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






41. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






43. The line of business in which a retailer operates






44. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






45. An unincorporated retail firm owned by one person






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






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






48. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






49. Used for products needing special handling






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