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






2. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






4. The reasons for a consumers behavior






5. A retailer charges the same price to all customers buying an item under similar conditions






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






7. When a retailer looks at data that are collected to address the specific issue or problem under study






8. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






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






10. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






11. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






12. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






13. 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






14. A multi-line firm operating under central ownership






15. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






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






18. A retailer purposely adjusts markups by merchandise category






19. When retailers count on suppliers to participate in their inventory management programs






20. 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






21. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






22. A retail firm that is formally incorporated under state law






23. The merchandise categories for which data are gathered






24. Information is systematically gathered from respondents by communicating with them






25. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






27. A listing of bipolar adjectives scales






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






29. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






30. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






31. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






32. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






33. Any item a retailer owns with monetary value






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






35. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






36. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






37. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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






39. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






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






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






43. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






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






46. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






47. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






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






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