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. The reasons for a consumers behavior






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






3. Risk is still low - but a retailer takes title on delivery and is responsible for damages






4. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






5. A type of retail institution that is a department in a retail store that is rented to an outside party






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






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






8. 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






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






10. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






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






12. When manufacturers and wholesales seek to control the retail prices of their goods and services






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






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






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






16. 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






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






18. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






19. Consumers feel high prices connote high quality and low prices connote low quality






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






21. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






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






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






25. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






26. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






27. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






28. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






29. Used for products needing special handling






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






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






32. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






34. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






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






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






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






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






39. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






40. A large - planned shopping facility appealing to a geographically dispersed market






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






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






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






44. Involves a clear statement of the topic to be studied






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






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






47. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






48. The sum total of an individuals traits - which make that individual unique






49. Where a consumer must pay the bill in full when it is due






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