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. Mandates that persons with disabilities be given appropriate access to retailing facilities






2. Refers to the variety in any one good/service (product line) a retailer carries






3. The basic format or structure of a business






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






5. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






6. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






8. Projections of expected retail sales for given periods






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






10. 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






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






12. Involves oral communication with one or more prospective customers for the purpose of making a sale






13. Equals the cost of merchandise available for sale minus the cost value of ending inventory






14. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






15. Consists of the regular products carried by a retailer






16. Based on the original retail value assigned to merchandise less the costs of the merchandise






17. Whereby goods owned by consumers are repaired - improved - or maintained






18. A memorized - repetitive speech given to all customers interested in a particular item






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






20. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






21. Displays merchandise by common end use






22. Retailers price selected items below cost to lure more customer traffic for those retailers






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






24. Every store - product - or customer has an equal or known chance of being chosen for a study






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






26. 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






27. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






28. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






29. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






30. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






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






32. 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






33. 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






34. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






35. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






36. 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






37. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






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






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






41. 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






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






43. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






44. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






45. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






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






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






48. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






50. 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