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 case that holds piles of sale clothing - marked down books or other products






2. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






3. Focuses on the sale of tangible phoducts






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






5. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






6. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






7. A retailer wants to maintain a specified ratio of goods on hand to sales






8. 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






9. Actively involved with informing and persuading customers in closing sales






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






11. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






12. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






13. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






14. A planned shopping facility - with the largest store being a supermarket or a drugstore






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






16. The overall plan guiding a retail firm






17. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






18. Displays merchandise by common end use






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






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






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






23. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






24. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






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






26. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






27. An unincorporated retail firm owned by one person






28. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






29. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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






31. Whereby consumers lease and use goods for specified periods of time






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






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






34. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






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






37. Relates to the quantites of merchandise a retailer handles during a stated period






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






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






40. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






41. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






42. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






43. Sets the guiding principles for all the merchandise decisions a retailers makes






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






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






46. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






47. 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






48. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






49. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






50. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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