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






2. Depicts a product offering in a thematic manner and sets a specific mood






3. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






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






5. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






6. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






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






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






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






10. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






11. The reasons for a consumers behavior






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






13. Factors having a high relationship with job success are given more weight than others






14. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






16. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






17. 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






18. Based on the original retail value assigned to merchandise less the costs of the merchandise






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






20. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






21. 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






22. An unincorporated retail firm owned by one person






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






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






25. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






26. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






27. The portion of revenues turned over to the federal - state and/or local government






28. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






29. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






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






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






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






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






35. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






36. Calls for precise rent increases over a stated period of time






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






38. Projections of expected retail sales for given periods






39. Short-term selling and administrative costs in running a business






40. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






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






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






43. Out-of-hometown shopping - is important for both local and surrounding retailers






44. Used by retailers that promote throughout the year






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






46. A listing of bipolar adjectives scales






47. Where the same customers are served by both branches






48. 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






49. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






50. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment







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