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






2. 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






3. A retail firm that is formally incorporated under state law






4. A way to collect - store and use relevant information about customers






5. Refers to the number of distinct goods/services categories (product lines) a retailer carries






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






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






8. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






9. The merchandise categories for which data are gathered






10. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






11. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






12. A retailer purposely adjusts markups by merchandise category






13. A planned shopping facility - with the largest store being a supermarket or a drugstore






14. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






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






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






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






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






19. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






20. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






21. Merchandise that generates high sales over a short time






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






23. 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






24. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






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






27. Used by retailers that promote throughout the year






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






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






30. Occurs when a consumer makes full use of the decision process






31. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






32. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






33. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






35. 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






36. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






38. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






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






40. 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






41. Actively involved with informing and persuading customers in closing sales






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






43. 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






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






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






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






47. Occurs when one consumer talks to others; can build a chain of customers






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






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






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