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. Outlines a retailer's planned expenditures for a given time based on expected performance






2. 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






3. A retailer purposely adjusts markups by merchandise category






4. Out-of-hometown shopping - is important for both local and surrounding retailers






5. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






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






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






9. 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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10. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






11. Consists of products that sell well over nonconsecutive time periods






12. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






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






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






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






16. Zeroing in on one specific group






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






18. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






20. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






21. 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)






22. Refers to the number of distinct goods/services categories (product lines) a retailer carries






23. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






25. 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






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






27. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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28. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






29. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






30. Projections of expected retail sales for given periods






31. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






32. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






34. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






35. Calls for precise rent increases over a stated period of time






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






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






38. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






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






40. Lets consumers bargain over prices; those who are good at it obtain lower prices






41. Where the same customers are served by both branches






42. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






43. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






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






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






46. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






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






49. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






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