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. Used by retailers that promote seasonally






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






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






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






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






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






7. 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






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






9. The overall plan guiding a retail firm






10. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






12. Focuses on the sale of tangible phoducts






13. Whereby each department is subdivided into further categories for related types of merchandise






14. Two or more retailers share an ad






15. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






16. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






17. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






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






20. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






22. A large - planned shopping facility appealing to a geographically dispersed market






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






24. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






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






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






27. A retailer charges the same price to all customers buying an item under similar conditions






28. 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






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






30. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






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






32. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






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






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






35. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






37. 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






38. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






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






40. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






41. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






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






44. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






46. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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






48. 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






49. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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