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






2. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






3. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






4. Relates to the quantites of merchandise a retailer handles during a stated period






5. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






6. Places together various items that appeal to a given target market






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






8. Whereby consumers lease and use goods for specified periods of time






9. Exhibits heavier - bulkier items than a rack holds






10. Every store - product - or customer has an equal or known chance of being chosen for a study






11. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






12. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






13. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






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






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






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






17. 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






18. Occurs when a consumer makes full use of the decision process






19. The aspects of business that a firm can directly affect






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






21. The cost of running a retail business






22. Determines the floor space necessary to carry and display a proper merchandise assortment






23. The line of business in which a retailer operates






24. Focuses on the sale of tangible phoducts






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






26. Retailers price selected items below cost to lure more customer traffic for those retailers






27. The criteria used to assess effectiveness






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






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






30. Available from sources outside the firm






31. Appeals to price-conscious consumers - who must be members to shop there






32. Signals or cues as to the success or failure of that each part of the strategy






33. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






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






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






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






37. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






39. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






40. A retailers carries complementary goods and services to encourage shoppers to buy more






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






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






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






44. Involves oral communication with one or more prospective customers for the purpose of making a sale






45. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






46. Available within the company - sometimes from the data bank of a retail information system






47. 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






48. 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






49. Zeroing in on one specific group






50. A memorized - repetitive speech given to all customers interested in a particular item