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






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






3. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






4. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






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






6. Customer orientation - coordinated effort - value driven and goal orientation






7. A merchandising technique that some firms use to improve productivity






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






9. Doubt that the correct decision has been made






10. 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






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






12. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






13. Merchandise that generates high sales over a short time






14. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






15. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






17. The aspects of business that a firm can directly affect






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






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






20. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






21. A retailers best customers






22. 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






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






24. When retailers count on suppliers to participate in their inventory management programs






25. The overall plan guiding a retail firm






26. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






28. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






29. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






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






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






33. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






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






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






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






38. Systematically lists all operating functions to be performed - their characteristics - and their timing






39. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






40. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






42. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






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






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






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






46. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






47. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






49. The number of distinct people exposed to a retailers promotion efforts in a specific period






50. A listing of bipolar adjectives scales