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. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






3. Financial obligations a retailer incurs in operating a business






4. 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






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






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






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






8. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






9. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






11. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






12. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






14. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






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






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






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






18. Selling goods and services to a broad spectrum of consumers






19. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






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






21. 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)






22. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






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






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






25. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






26. Used by retailers that promote seasonally






27. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






29. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






30. 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






31. 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






32. Consists of products that may have cyclical sales due to changing tastes and lifestyles






33. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






34. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






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






36. 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






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






38. An unincorporated retail firm owned by one person






39. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






40. Zeroing in on one specific group






41. 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






42. Equals the cost of merchandise available for sale minus the cost value of ending inventory






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






44. Depicts a product offering in a thematic manner and sets a specific mood






45. A retailers best customers






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






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






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






49. Consists of the regular products carried by a retailer






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests