Retail Management Quiz With Answers

The party that establishes and manages the franchise is known as the franchisor. They are responsible for developing and maintaining the business model, providing support and training to franchisees, and granting them the right to operate under their established brand and business system. The franchisor typically has control over key aspects of the franchise, such as marketing, product development, and overall strategy.

A large box in which products for sale are kept on the shop floor is commonly referred to as a bin or a display bin. This is where the merchandise is organized and displayed for customers to easily access and purchase. The term "bin" is often used in retail settings to describe these storage containers, while "display bin" emphasizes their function as a means of showcasing products to attract customers.

The correct answer is to determine the customer's immediate and long-term needs, create a purchase plan, and supply them with contact information for both yourself and the computer help desk. This approach ensures that you understand the customer's requirements, provide them with appropriate options, and offer ongoing support and assistance. By doing so, you can build trust with the customer and ensure that they are satisfied with their purchase, without overwhelming them or neglecting their needs.

When dealing with an upset and dissatisfied customer, it is important to first diffuse their anger and find out the reason behind their dissatisfaction. This approach allows the associate to address the customer's concerns effectively and provide a solution that meets their needs. Simply getting a manager or asking the customer to stop being angry may not address the underlying issue and may further escalate the situation. Therefore, coaching the associate to diffuse the customer's anger and understand their concerns is the best approach in handling such situations.

Buying power refers to the ability of a buyer to negotiate favorable terms, such as lower prices or better conditions, due to the proposition of high volume purchases. This means that the buyer has the leverage to demand better deals from suppliers because they have the potential to make significant purchases. With buying power, the buyer can secure more advantageous terms and maximize their benefits from the transaction.

A trading entity that includes a marketing tool or method, a product or group of products, or a trade brand is referred to as a franchise.

Internal factors are those that are within the control of the retail manager. Product availability refers to the ability of the retail business to maintain a sufficient stock of products that customers desire. Shopping atmosphere refers to the overall ambiance and environment of the store, including factors such as store layout, cleanliness, and visual merchandising. Customer service refers to the level of assistance and support provided to customers during their shopping experience. Therefore, the selection "Product availability, shopping atmosphere, customer service" best describes the internal factors that a Retail Manager can influence.

The correct answer is "Bricks and mortar store." This term refers to a physical retail shop that is located in a building, as opposed to an online store or other forms of sales such as street market stalls, party sales, van sales, or door-to-door sales. The term "bricks and mortar" emphasizes the physical presence of the store and distinguishes it from virtual or temporary sales platforms.

Customer loyalty means that customers frequently return to a retailer to make purchases. This is beneficial for the retailer because loyal customers tend to spend more time when making a purchase, increasing their value to the retailer. Additionally, loyal customers decrease the amount of advertising the retailer must do to be competitive. Customer loyalty also has a positive impact on employee satisfaction and loyalty. Ultimately, repeat business from loyal customers increases a retailer's sales and profit because these customers buy more often, recommend the retailer to others, and are willing to pay more for goods and services.

The party that sells goods and services within the framework of the franchise is known as the franchisee. The franchisee is the individual or company that purchases the rights to operate a business using the established brand, trademarks, and business model of the franchisor. They are responsible for running the day-to-day operations of the business and paying fees or royalties to the franchisor in exchange for the support and guidance provided.

The customer approaching the counter and reaching for her purse indicates that she is ready to make a purchase. This action suggests that she has made a decision and is prepared to pay for the item.

Logistics refers to the process of planning and executing the distribution of products. It involves coordinating various activities such as transportation, warehousing, inventory management, and order fulfillment to ensure that products are delivered efficiently and on time. Logistics plays a crucial role in supply chain management and helps businesses optimize their operations and meet customer demands effectively.

Keeping Associates informed of all your concerns about the store's sales trends is not an example of how to lead Associates because it may create unnecessary stress and anxiety among the team. It is important to address concerns and provide feedback, but constantly sharing concerns about sales trends may demotivate the Associates and hinder their performance. Instead, a good leader should focus on being energetic, enthusiastic, welcoming, and passionate about customer service, as well as meeting the service standards consistently.

The area from where the majority of a shop's customers are located is known as the catchment area. This term refers to the geographical region or demographic group that a business targets and relies on for its customer base. It is important for businesses to understand their catchment area in order to effectively market and cater to the needs of their target customers.

The primary areas of accountability for a Retail Manager include selling and service standards, ensuring customers receive the right products at the right time and that they are displayed appropriately, training employees, and ensuring the sales floor is recovered and safety and loss prevention standards are in place. Research and long-term planning of merchandise is not a primary area of accountability for a Retail Manager.

When a customer gives a buying signal, it indicates that they are interested in making a purchase. In this situation, the sales associate should take advantage of the customer's readiness to buy and close the sale promptly. This is important because customers may change their mind if there are delays or if they are given more time to think about the purchase. By closing the sale quickly, the sales associate increases the likelihood of completing the transaction successfully.