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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. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






2. 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






3. Short-term selling and administrative costs in running a business






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






5. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






6. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






7. Calls for all maintenance costs to be paid by the retailer






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






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






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






11. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






12. Used for products needing special handling






13. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






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






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






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






19. 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






20. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






21. 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






22. A retailers best customers






23. Whereby prices are marked only on shelves or signs and not on individual items






24. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






25. 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






26. The overall plan or framework of action that guides a retailer






27. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






28. Where the same customers are served by both branches






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






30. The reasons for a consumers behavior






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






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






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






34. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






35. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






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






37. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






39. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






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






42. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






43. The cost of running a retail business






44. 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






45. A food-based discounter offering a moderate number of food items in a no-frills setting






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






47. A retailer sets its prices in accordance with competitors'






48. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






49. Incorporates life stages for both family and non-family households






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







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