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. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






2. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






4. Concentrates on selling one goods or service line - such as young women's apparel






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






6. Systematically lists all operating functions to be performed - their characteristics - and their timing






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






8. A type of retail institution in which a retailers owns one retail unit






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






10. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






11. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






12. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






13. 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






14. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






15. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






17. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






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






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






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






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






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






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






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






25. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






26. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






27. Two or more retailers share an ad






28. The customer group sought by a retailer






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






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






31. Involves a clear statement of the topic to be studied






32. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






33. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






34. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






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






36. The cost of running a retail business






37. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






38. 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






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






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






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






42. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






43. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






44. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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45. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






46. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






47. Information is systematically gathered from respondents by communicating with them






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






49. When manufacturers and wholesales seek to control the retail prices of their goods and services






50. Stores - product - or customers are chosen by the researcher - based on judgement or convenience