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. 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






2. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






3. A sign that displays the store's name






4. Involve the combination of separately owned retail firms






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






6. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






8. A retailers carries complementary goods and services to encourage shoppers to buy more






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






10. Whereby goods owned by consumers are repaired - improved - or maintained






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






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






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






14. 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)






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






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






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






18. 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






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






20. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






22. The sum total of an individuals traits - which make that individual unique






23. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






24. The customer group sought by a retailer






25. The number of distinct people exposed to a retailers promotion efforts in a specific period






26. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






27. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






28. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






29. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






30. A form of multi-channel retailing which engages in more than one type of distribution arrangement






31. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






32. Has a primarily functional use: to neatly hang or present products






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






34. A multi-line firm operating under central ownership






35. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






37. 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






38. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






40. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






41. 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






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






43. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






44. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






45. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






47. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






48. A retailer sets prices for goods and services and seeks to maintain them for an extended period






49. 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






50. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself