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






2. Refers to the variety in any one good/service (product line) a retailer carries






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






4. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






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. 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






7. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






8. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






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






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






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






12. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






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






14. Available within the company - sometimes from the data bank of a retail information system






15. When two or more retailers or a manufacturers/wholesalers share the advertising costs






16. Exhibits heavier - bulkier items than a rack holds






17. Places together various items that appeal to a given target market






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






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






20. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






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






23. 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)






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






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






26. Where the same customers are served by both branches






27. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






28. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






29. Doubt that the correct decision has been made






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






31. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






32. Suppliers sell through a moderate number of retailers






33. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






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






35. Represents the total bundle of benefits offered to consumers through a channel of distribution






36. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






37. The aspects of business that a firm can directly affect






38. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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






40. The overall plan or framework of action that guides a retailer






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






42. The service level that customers want to receive from any retailer - such as basic employee courtesy






43. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






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. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






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






47. Increases an item's original price because demand is unexpectedly high or costs are rising






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






49. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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