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. 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






2. Converts shopping from a passive activity into a more interactive one - by better engaging customers






3. When manufacturers and wholesales seek to control the retail prices of their goods and services






4. Embodied by a series of activities and processes that provides a certain value for the consumer






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






6. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






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






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






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






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






11. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






12. Many retail vendors sell a range of products at discount prices in plain surroundings






13. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






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






16. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






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






19. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






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






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






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






23. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






24. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






26. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






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






28. The optimum site for a particular store






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






30. 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






31. Used for products needing special handling






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






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






34. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






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






36. Short-term selling and administrative costs in running a business






37. A cash or card operated retailing format that dispenses goods and services






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






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






40. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






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






43. The portion of revenues turned over to the federal - state and/or local government






44. 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






45. 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






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






47. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






48. Typically supervises the on-floor selling and operational activities for a specific retail department






49. An inexpensive display that leaves merchandise in the original carton






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