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. 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






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






3. A retailer purposely adjusts markups by merchandise category






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






5. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






7. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






8. 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






9. Displays merchandise by common end use






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






11. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






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






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






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






15. 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)






16. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






17. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






18. the drive within people to attain work-related goals - can be positive or negative






19. Doubt that the correct decision has been made






20. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






21. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






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






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






25. 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)






26. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






27. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






28. Projections of expected retail sales for given periods






29. Systematically lists all operating functions to be performed - their characteristics - and their timing






30. Whereby prices are marked only on shelves or signs and not on individual items






31. The cost of running a retail business






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






33. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






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






36. The aspects of business to which a retailers must adapt






37. A retailers has no risk because title is not taken; the supplier owns the goods until sold






38. Equals the cost of merchandise available for sale minus the cost value of ending inventory






39. A sign that displays the store's name






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






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






42. The merchandise categories for which data are gathered






43. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






44. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






45. The profit earned after all costs and taxes have been deducted






46. Used for products needing special handling






47. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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 multi-line firm operating under central ownership






50. Laws whereby some retailers must express both the total price of an item and its price per unit of measure