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. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






2. Zeroing in on one specific group






3. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






4. The line of business in which a retailer operates






5. 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






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






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






8. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






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






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






11. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






12. Projections of expected retail sales for given periods






13. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






14. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






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






16. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






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






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






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






20. 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






21. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






22. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






23. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






24. 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






25. Involves oral communication with one or more prospective customers for the purpose of making a sale






26. Consists of the regular products carried by a retailer






27. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






28. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






29. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






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






31. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






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






33. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






34. 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






35. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






36. Assumes new merchandise is sold first - while older stock remains in inventory






37. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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38. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






39. Used for products needing special handling






40. The reasons for a consumers behavior






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






42. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






43. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






45. Whereby a retailers sells to consumers through multiple retail formats






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






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






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






49. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






50. The difference between net sales and the total cost of goods sold