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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. Has a primarily functional use: to neatly hang or present products






2. When a retailer looks at data that are collected to address the specific issue or problem under study






3. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






4. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






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






7. 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






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






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






10. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






11. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






12. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






13. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






14. Graphically displays its hierarchical relationships created by a retailer






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






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






17. Payments that retailers require of vendors for providing shelf space






18. 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






19. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






20. 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






21. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






23. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






24. 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






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






26. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






27. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






28. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






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






30. Calls for all maintenance costs to be paid by the retailer






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






32. The difference between net sales and the total cost of goods sold






33. 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






34. 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






35. Takes a customer-centered approach and presents "solutions" rather than "products"






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






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






38. 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






39. Whereby a retailers sells to consumers through multiple retail formats






40. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






41. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






42. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






43. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






45. Used by retailers that promote seasonally






46. Focuses on the sale of tangible phoducts






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






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






49. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






50. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time







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