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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. 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






2. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






4. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






5. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






6. 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






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






8. A type of retail institution in which a retailers owns one retail unit






9. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






11. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






12. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






13. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






14. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






15. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






16. The criteria used to assess effectiveness






17. Short-term selling and administrative costs in running a business






18. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






19. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






20. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






22. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






23. 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]






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






25. 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






26. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






27. Used by retailers that promote seasonally






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






29. 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






30. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






31. Involves an informal ranking of people based on income - occupation - education and other factors






32. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






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






35. Marketplace opening that exist because other retailers have not yet capitalized on them






36. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






37. 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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38. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






39. Retailers price selected items below cost to lure more customer traffic for those retailers






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






41. Based on the actual prices received for merchandise sold during a time period less merchandise cost






42. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






43. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






44. 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






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






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






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






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






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






50. A retailer sets its prices in accordance with competitors'







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