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






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






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






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






5. 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






6. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






7. 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)






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






9. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






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






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






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






14. Has a primarily functional use: to neatly hang or present products






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






16. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






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






18. The mix of stores within a district or shopping center






19. The line of business in which a retailer operates






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






21. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






22. Marketplace opening that exist because other retailers have not yet capitalized on them






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






24. Available within the company - sometimes from the data bank of a retail information system






25. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






26. Available from sources outside the firm






27. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






28. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






29. Out-of-hometown shopping - is important for both local and surrounding retailers






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






31. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






32. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






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






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






35. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






37. Focuses on the sale of tangible phoducts






38. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






39. Every store - product - or customer has an equal or known chance of being chosen for a study






40. Based on the original retail value assigned to merchandise less the costs of the merchandise






41. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






42. Relates to the quantites of merchandise a retailer handles during a stated period






43. 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






44. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






45. Represents the total bundle of benefits offered to consumers through a channel of distribution






46. Competition between manufacturers and retailers for shelf space and profits






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






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






49. Whereby suppliers sell through as many retailers as possible






50. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory







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