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. The overall plan guiding a retail firm






2. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






3. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






4. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






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






6. A listing of bipolar adjectives scales






7. 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)






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






9. Consists of products that sell well over nonconsecutive time periods






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






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






12. Actively involved with informing and persuading customers in closing sales






13. Beginning inventory - purchases - and transportation charges equal the cost of this






14. 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






15. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






16. The merchandise categories for which data are gathered






17. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






18. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






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






20. Based on the actual prices received for merchandise sold during a time period less merchandise cost






21. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






22. A planned shopping facility - with the largest store being a supermarket or a drugstore






23. 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






24. The customer group sought by a retailer






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






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






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






28. The aspects of business to which a retailers must adapt






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






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






31. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






32. A retailers best customers






33. 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






34. 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






35. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






40. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






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






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






44. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






46. 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






47. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






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






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






50. A food-based discounter offering a moderate number of food items in a no-frills setting