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






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






3. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






4. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






5. The line of business in which a retailer operates






6. A large - planned shopping facility appealing to a geographically dispersed market






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






8. A food-based discounter offering a moderate number of food items in a no-frills setting






9. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






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






11. Assumes new merchandise is sold first - while older stock remains in inventory






12. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






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






15. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






16. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






18. The overall plan guiding a retail firm






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. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






22. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






24. 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






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






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






27. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






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






29. The overall plan or framework of action that guides a retailer






30. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






31. Information is systematically gathered from respondents by communicating with them






32. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






33. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






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






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






36. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






37. Has a primarily functional use: to neatly hang or present products






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






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






40. Used by retailers that promote throughout the year






41. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






42. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






43. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






44. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






45. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






46. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






47. A retail firm owned by its customer members






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






49. When a retailer acts in the best interests of society - as well as itself






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