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. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






2. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






3. Beginning inventory - purchases - and transportation charges equal the cost of this






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






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






6. A retailer wants to maintain a specified ratio of goods on hand to sales






7. Displays merchandise by common end use






8. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






9. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






10. 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






11. 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






12. Consists of all the levels of independently owned businesses along a channel of distribution






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






14. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






15. A sign that displays the store's name






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






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






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






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






20. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






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






23. The form of research in which present behavior or the results of past behavior are noted and recorded






24. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






25. 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






26. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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






28. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






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






31. A way to collect - store and use relevant information about customers






32. The basic format or structure of a business






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






34. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






36. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






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






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






39. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






40. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






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






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






44. The overall plan guiding a retail firm






45. The activity whereby a retailer generates a list of job applicants






46. A formal way to record consumer requests for unstocked for out-of-stock merchandise






47. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






49. 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






50. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper