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






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






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






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






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






6. the drive within people to attain work-related goals - can be positive or negative






7. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






9. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






10. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






11. 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






12. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






13. The merchandise categories for which data are gathered






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






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






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






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






18. Consists of the regular products carried by a retailer






19. Whereby goods owned by consumers are repaired - improved - or maintained






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






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






22. Where the same customers are served by both branches






23. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






24. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






25. 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






26. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






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






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






29. The activity whereby a retailer generates a list of job applicants






30. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






31. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






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






33. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






34. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






35. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






36. 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






37. 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






38. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






39. Increases an item's original price because demand is unexpectedly high or costs are rising






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






41. 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






42. 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






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






44. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






45. Takes place when the consumer buys out of habit and skips steps in the purchase process






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






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






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






49. Sets the guiding principles for all the merchandise decisions a retailers makes






50. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores