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. Many retail vendors sell a range of products at discount prices in plain surroundings






2. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






3. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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






5. Whereby each department is subdivided into further categories for related types of merchandise






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






7. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






9. A way to collect - store and use relevant information about customers






10. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






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






12. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






14. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






15. Displays merchandise by common end use






16. Consumers feel high prices connote high quality and low prices connote low quality






17. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






18. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






19. Available from sources outside the firm






20. 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






21. Risk is still low - but a retailer takes title on delivery and is responsible for damages






22. 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






23. Where the same customers are served by both branches






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






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






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






27. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






28. Mandates that persons with disabilities be given appropriate access to retailing facilities






29. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






30. Any item a retailer owns with monetary value






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






32. A retailer carries more items than expects to sell over a specified period






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. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






36. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






37. A retailers commitment to a type of business and to a distinctive role in the marketplace






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






39. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






41. 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






42. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






43. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






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






45. Used for products needing special handling






46. A retailer wants to maintain a specified ratio of goods on hand to sales






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






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






49. When a retailer looks at data that are collected to address the specific issue or problem under study






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