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






2. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






3. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






4. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






5. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






6. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






7. 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






8. Calls for precise rent increases over a stated period of time






9. An unincorporated retail firm owned by one person






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






11. Graphically displays its hierarchical relationships created by a retailer






12. Represents how a given retailer is perceived by consumers and others






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






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






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






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






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






18. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






19. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






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






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






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






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






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. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






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






28. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






29. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






31. 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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


32. A retailer sets its prices in accordance with competitors'






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






34. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






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






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






37. Calls for all maintenance costs to be paid by the retailer






38. The merchandise categories for which data are gathered






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






41. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






43. 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






44. Used for products needing special handling






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






46. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






47. 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






48. 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






49. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






50. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock