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






2. 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






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






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






5. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






6. Describes how traditional family moves from bachelorhood to children to solitary retirement






7. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






9. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






10. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






11. Signals or cues as to the success or failure of that each part of the strategy






12. Occurs when one consumer talks to others; can build a chain of customers






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






14. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






15. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






16. 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)






17. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






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






20. Whereby suppliers sell through as many retailers as possible






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






22. A cash or card operated retailing format that dispenses goods and services






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






24. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






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






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






27. The merchandise categories for which data are gathered






28. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






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






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






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






33. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






34. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






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






37. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






38. Shows the expected behavior of a good or service over its life






39. 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






40. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






41. The manner of providing a job environment that encourages employee accomplishment






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






43. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






44. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






45. Exhibits heavier - bulkier items than a rack holds






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






47. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






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






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