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






2. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






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






4. Displays merchandise by common end use






5. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






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






7. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






8. 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






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






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






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






12. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






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






15. The cost of running a retail business






16. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






17. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






18. A retailers best customers






19. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






20. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






21. 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






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






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






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






25. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






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






28. Shows the expected behavior of a good or service over its life






29. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






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






31. There is more interactive relationship between a franchisor and a franchisee






32. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






33. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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






35. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






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






37. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






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






40. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






41. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






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






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






45. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






46. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






47. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






48. The sum total of an individuals traits - which make that individual unique






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






50. Signals or cues as to the success or failure of that each part of the strategy