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






2. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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3. The overall plan or framework of action that guides a retailer






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






5. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






6. Takes a customer-centered approach and presents "solutions" rather than "products"






7. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






8. Typically supervises the on-floor selling and operational activities for a specific retail department






9. The cost of running a retail business






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






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






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






13. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






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






15. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






16. Whereby franchisors limit franchisee involvement in the strategic planning process






17. A listing of bipolar adjectives scales






18. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






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






21. Consists of the regular products carried by a retailer






22. Calls for all maintenance costs to be paid by the retailer






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






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






25. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






27. Displays merchandise by common end use






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






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






30. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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






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






33. Where a consumer must pay the bill in full when it is due






34. 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






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






36. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






37. The merchandise categories for which data are gathered






38. Available from sources outside the firm






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






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






41. Converts shopping from a passive activity into a more interactive one - by better engaging customers






42. Represents the total bundle of benefits offered to consumers through a channel of distribution






43. A way to collect - store and use relevant information about customers






44. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






45. Risk is still low - but a retailer takes title on delivery and is responsible for damages






46. Ways in which individual consumers and families live and spend time and money






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






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






49. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






50. Used by both large and small retailers so they can efficiently process transactions and monitor inventory