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






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






3. The form of research in which present behavior or the results of past behavior are noted and recorded






4. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






5. 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






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






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






8. Includes all the remaining customers - and they are the most widely dispersed






9. Equals the cost of merchandise available for sale minus the cost value of ending inventory






10. An unincorporated retail firm owned by one person






11. 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






12. 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






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






14. Refers to the number of distinct goods/services categories (product lines) a retailer carries






15. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






18. Occurs when one consumer talks to others; can build a chain of customers






19. Reward a retailers best customers - those with whom it wants long-lasting relationships with






20. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






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






22. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






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






25. Any item a retailer owns with monetary value






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






27. Out-of-hometown shopping - is important for both local and surrounding retailers






28. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






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






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






32. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






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






35. Consists of products that may have cyclical sales due to changing tastes and lifestyles






36. 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






37. An inexpensive display that leaves merchandise in the original carton






38. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






39. 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






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






41. Consists of all the levels of independently owned businesses along a channel of distribution






42. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






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






44. Used by retailers that promote throughout the year






45. 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






46. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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






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






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






50. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase







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