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






2. Describes how traditional family moves from bachelorhood to children to solitary retirement






3. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






4. A retailers commitment to a type of business and to a distinctive role in the marketplace






5. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






7. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






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






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






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






12. A cash or card operated retailing format that dispenses goods and services






13. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






14. 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






15. 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






16. A retailers carries complementary goods and services to encourage shoppers to buy more






17. Lets consumers bargain over prices; those who are good at it obtain lower prices






18. The extent to which a person desires and pursues social status






19. Consists of products that sell well over nonconsecutive time periods






20. There is more interactive relationship between a franchisor and a franchisee






21. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






22. Used by retailers that promote seasonally






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






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






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






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






27. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






28. The aspects of business to which a retailers must adapt






29. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






30. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






31. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






32. Outlines a retailer's planned expenditures for a given time based on expected performance






33. Focuses on the sale of tangible phoducts






34. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






35. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






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






38. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






39. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






41. The merchandise categories for which data are gathered






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






43. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






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






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






47. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






48. Available from sources outside the firm






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






50. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers