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. Customer orientation - coordinated effort - value driven and goal orientation






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






3. A memorized - repetitive speech given to all customers interested in a particular item






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






5. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






6. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






7. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






8. Includes all the remaining customers - and they are the most widely dispersed






9. There is more interactive relationship between a franchisor and a franchisee






10. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






11. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






12. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






13. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






14. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






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






16. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






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






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






19. Objective - quantifiable - easily identifiable and measurable population data






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






21. A sign that displays the store's name






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






23. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






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






25. 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






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






27. The merchandise categories for which data are gathered






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






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






30. the drive within people to attain work-related goals - can be positive or negative






31. An inexpensive display that leaves merchandise in the original carton






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






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






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






35. When a retailer looks at data that are collected to address the specific issue or problem under study






36. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






38. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






39. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






40. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






41. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






42. A case that holds piles of sale clothing - marked down books or other products






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






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






45. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






47. The positive - neutral or negative feelings a person has about different topics






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






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






50. Incorporates life stages for both family and non-family households