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. Outlines a retailer's planned expenditures for a given time based on expected performance






2. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






3. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






4. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






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






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






7. A retailer charges the same price to all customers buying an item under similar conditions






8. 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]






9. A retailers best customers






10. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






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






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






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






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






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






16. Embodied by a series of activities and processes that provides a certain value for the consumer






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






18. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






19. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






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






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






23. Beginning inventory - purchases - and transportation charges equal the cost of this






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






25. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






26. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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27. Involve the combination of separately owned retail firms






28. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






30. 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






31. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






32. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






33. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






34. Used by retailers that promote seasonally






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






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






37. 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






38. A merchandising technique that some firms use to improve productivity






39. Displays merchandise by common end use






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






41. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






42. Selling goods and services to a broad spectrum of consumers






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






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






45. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






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






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






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






49. Payments that retailers require of vendors for providing shelf space






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