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. 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






2. 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






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






4. 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






5. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






6. A planned shopping facility - with the largest store being a supermarket or a drugstore






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






8. 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






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






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






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






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






13. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






14. 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






15. The overall plan guiding a retail firm






16. 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






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






18. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






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






21. A retail firm owned by its customer members






22. Exhibits heavier - bulkier items than a rack holds






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






24. A retailer purposely adjusts markups by merchandise category






25. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






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






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






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






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






31. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






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






34. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






35. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






36. Payments that retailers require of vendors for providing shelf space






37. Based on the original retail value assigned to merchandise less the costs of the merchandise






38. The manner of providing a job environment that encourages employee accomplishment






39. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






42. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






43. Where the same customers are served by both branches






44. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






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






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






47. 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






48. The positive - neutral or negative feelings a person has about different topics






49. 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






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