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. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






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






3. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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4. A listing of bipolar adjectives scales






5. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






6. 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)






7. Two or more retailers share an ad






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






9. A retail firm owned by its customer members






10. 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






11. Whereby consumers lease and use goods for specified periods of time






12. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






14. Reward a retailers best customers - those with whom it wants long-lasting relationships with






15. Available from sources outside the firm






16. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






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






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






20. 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






21. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






22. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






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






25. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






26. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






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






28. The profit earned after all costs and taxes have been deducted






29. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






30. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






31. Many retail vendors sell a range of products at discount prices in plain surroundings






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






33. Consists of the regular products carried by a retailer






34. The mix of stores within a district or shopping center






35. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






36. The long-run and short-run performance targets a retailers hopes to attain






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






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






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






40. 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






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






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






43. 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






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






45. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






46. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






47. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






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






50. 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