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. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






2. 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






3. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






5. Projections of expected retail sales for given periods






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






7. 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






8. The criteria used to assess effectiveness






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






10. The reasons for a consumers behavior






11. Involve the combination of separately owned retail firms






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






13. Available within the company - sometimes from the data bank of a retail information system






14. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






15. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






16. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






18. 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






19. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






20. 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






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






22. Merchandise that generates high sales over a short time






23. A retailer charges the same price to all customers buying an item under similar conditions






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






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






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






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






28. Has a primarily functional use: to neatly hang or present products






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






30. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






31. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






32. Signals or cues as to the success or failure of that each part of the strategy






33. A multi-line firm operating under central ownership






34. A retailer purposely adjusts markups by merchandise category






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






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






37. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






38. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






40. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






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






42. Customer orientation - coordinated effort - value driven and goal orientation






43. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






44. Doubt that the correct decision has been made






45. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






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






48. Objective - quantifiable - easily identifiable and measurable population data






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






50. 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