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






2. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






4. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






6. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






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






8. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






9. 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]






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






11. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






12. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






13. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






15. Customer orientation - coordinated effort - value driven and goal orientation






16. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






17. The criteria used to assess effectiveness






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






19. The reasons for a consumers behavior






20. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






22. The efficiency with which a retail strategy is carried out






23. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






24. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






25. Suppliers sell through a moderate number of retailers






26. 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






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






28. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






30. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






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






32. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






33. An unincorporated retail firm owned by two or more persons - each with a financial interest






34. Any item a retailer owns with monetary value






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






36. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






37. Has a primarily functional use: to neatly hang or present products






38. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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39. The extent to which a person desires and pursues social status






40. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






42. The merchandise categories for which data are gathered






43. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






44. A retailer sets prices for goods and services and seeks to maintain them for an extended period






45. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






46. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






47. 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






48. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






49. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






50. 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