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. 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






2. The extent to which a person desires and pursues social status






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






4. Lets consumers bargain over prices; those who are good at it obtain lower prices






5. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






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






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






8. 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






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






11. The form of research in which present behavior or the results of past behavior are noted and recorded






12. 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






13. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






14. Used by retailers that promote throughout the year






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






16. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






18. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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






20. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






21. Factors having a high relationship with job success are given more weight than others






22. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






23. A planned shopping facility - with the largest store being a supermarket or a drugstore






24. 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






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






26. The customer group sought by a retailer






27. The portion of revenues turned over to the federal - state and/or local government






28. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






29. The basic format or structure of a business






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






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






32. A multi-line firm operating under central ownership






33. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






35. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






37. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






38. Graphically displays its hierarchical relationships created by a retailer






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






40. Merchandise that generates high sales over a short time






41. Used for products needing special handling






42. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






43. A retail firm owned by its customer members






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






46. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






47. The optimum site for a particular store






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






49. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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