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. A multi-line firm operating under central ownership






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






3. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






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






6. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






7. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






9. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






10. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






13. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






15. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






16. Signals or cues as to the success or failure of that each part of the strategy






17. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






19. The customer group sought by a retailer






20. A cash or card operated retailing format that dispenses goods and services






21. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






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






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






25. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






26. Whereby suppliers sell through as many retailers as possible






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






28. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






29. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






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






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






32. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






33. Marketplace opening that exist because other retailers have not yet capitalized on them






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






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






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






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






38. A retailers commitment to a type of business and to a distinctive role in the marketplace






39. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






40. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






41. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






42. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






43. Projections of expected retail sales for given periods






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






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






46. The basic format or structure of a business






47. 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






48. Zeroing in on one specific group






49. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






50. Used by retailers that promote throughout the year