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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. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






2. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






3. 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






4. Objective - quantifiable - easily identifiable and measurable population data






5. The service level that customers want to receive from any retailer - such as basic employee courtesy






6. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






7. Takes place when the consumer buys out of habit and skips steps in the purchase process






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






9. A form of multi-channel retailing which engages in more than one type of distribution arrangement






10. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






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






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






13. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






14. The long-run and short-run performance targets a retailers hopes to attain






15. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






16. Assumes new merchandise is sold first - while older stock remains in inventory






17. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






18. A retail firm owned by its customer members






19. 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






20. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






22. The overall plan guiding a retail firm






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






24. Concentrates on selling one goods or service line - such as young women's apparel






25. A retailer carries more items than expects to sell over a specified period






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






27. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






28. Assigns floor space on the basis of sales or profit per foot






29. Mandates that persons with disabilities be given appropriate access to retailing facilities






30. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






31. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






33. A manufacturer and a retailer or a wholesales and a retailer share an ad






34. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






35. Information is systematically gathered from respondents by communicating with them






36. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






38. 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






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






40. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






41. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






43. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






44. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






45. The positive - neutral or negative feelings a person has about different topics






46. 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






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






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






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






50. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies







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