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






2. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






3. The overall plan or framework of action that guides a retailer






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






5. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






7. Concentrates on selling one goods or service line - such as young women's apparel






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






9. Used for products needing special handling






10. Used by retailers that promote seasonally






11. 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






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






13. 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






14. Assigns floor space on the basis of sales or profit per foot






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






16. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






17. 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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18. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






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






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






21. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






23. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






24. A multi-line firm operating under central ownership






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






26. Exhibits heavier - bulkier items than a rack holds






27. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






28. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






29. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






31. The difference between net sales and the total cost of goods sold






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






33. 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






34. Assumes new merchandise is sold first - while older stock remains in inventory






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






36. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






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






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






39. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






40. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






42. Zeroing in on one specific group






43. The sum total of an individuals traits - which make that individual unique






44. Where the same customers are served by both branches






45. 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






46. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






48. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






50. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions