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 manufacturer and a retailer or a wholesales and a retailer share an ad






2. The optimum site for a particular store






3. The customer group sought by a retailer






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






5. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






6. 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






7. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






8. When a retailer acts in the best interests of society - as well as itself






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






10. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






11. A retailer purposely adjusts markups by merchandise category






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






13. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






14. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






15. Whereby goods owned by consumers are repaired - improved - or maintained






16. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






17. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






19. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






22. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






23. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






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






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






26. Consists of all the levels of independently owned businesses along a channel of distribution






27. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






28. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






30. The reasons for a consumers behavior






31. Financial obligations a retailer incurs in operating a business






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






33. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






35. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






36. 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






37. 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






38. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






39. A memorized - repetitive speech given to all customers interested in a particular item






40. Involves an informal ranking of people based on income - occupation - education and other factors






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






42. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






43. Takes a customer-centered approach and presents "solutions" rather than "products"






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






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






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






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

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






49. Money left after paying taxes and buying necessities






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






Can you answer 50 questions in 15 minutes?



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