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. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






3. The difference between net sales and the total cost of goods sold






4. The form of research in which present behavior or the results of past behavior are noted and recorded






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






6. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






7. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






8. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






9. 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)






10. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






12. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






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






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






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






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






18. The extent to which a person desires and pursues social status






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






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






21. Whereby suppliers sell through as many retailers as possible






22. Concentrates on selling one goods or service line - such as young women's apparel






23. Shows the expected behavior of a good or service over its life






24. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






25. Competition between manufacturers and retailers for shelf space and profits






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






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






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






29. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






30. The criteria used to assess effectiveness






31. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






32. 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






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






34. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






35. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






37. Reward a retailers best customers - those with whom it wants long-lasting relationships with






38. The basic format or structure of a business






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






40. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






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






42. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






43. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






44. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






45. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






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






47. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






48. 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






49. 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






50. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs