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






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






3. Two or more retailers share an ad






4. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






5. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






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






8. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






9. 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






10. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






11. Doubt that the correct decision has been made






12. A type of retail institution in which a retailers owns one retail unit






13. 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






14. The aspects of business to which a retailers must adapt






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






16. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






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






18. 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






19. Takes place when the consumer buys out of habit and skips steps in the purchase process






20. 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






21. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






22. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






24. Displays merchandise by common end use






25. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






26. Available from sources outside the firm






27. Mandates that persons with disabilities be given appropriate access to retailing facilities






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

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






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






31. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






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






34. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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






36. The criteria used to assess effectiveness






37. Graphically displays its hierarchical relationships created by a retailer






38. A manufacturer and a retailer or a wholesales and a retailer share an ad






39. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






40. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






42. Exhibits heavier - bulkier items than a rack holds






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






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






45. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






46. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






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






48. A retail firm owned by its customer members






49. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






50. The cost of running a retail business