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 manner of providing a job environment that encourages employee accomplishment






2. 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






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






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






5. Whereby a retailers sells to consumers through multiple retail formats






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






7. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






8. When a retailer acts in the best interests of society - as well as itself






9. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






10. Consists of all the levels of independently owned businesses along a channel of distribution






11. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






12. 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






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






14. When two or more retailers or a manufacturers/wholesalers share the advertising costs






15. The business activities involved in selling goods and services to consumers for their personal - family - or household use






16. Displays merchandise by common end use






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






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






19. 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






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






22. Used by retailers that promote throughout the year






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






24. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






25. Logically assumes old merchandise is sold first - while newer items remain in inventory






26. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






27. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






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






29. The long-run and short-run performance targets a retailers hopes to attain






30. Assigns floor space on the basis of sales or profit per foot






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






32. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






33. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






34. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






35. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






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






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






39. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






41. The overall plan guiding a retail firm






42. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






43. When retailers count on suppliers to participate in their inventory management programs






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






45. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






46. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






47. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






49. Any item a retailer owns with monetary value






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