|Retail Management Interview Questions & Answers - Learning Mode|
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RETAIL MANAGEMENT INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE
Retail Management Interview Questions & Answers - Learning Mode
The various processes which help the customers to procure the desired merchandise from the retail stores for their end use refer to retail management. Retail management includes all the steps required to bring the customers into the store and fulfill their buying needs. Retail management makes shopping a pleasurable experience and ensures the customers leave the store with a smile. In simpler words, retail management helps customers shop without any difficulty.
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Consumer Behaviour in the Retail Context Interview Questions & Answers (72) Learning Mode | Exam Mode
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Question: What is a variety store?
Answer: A variety store is a retail store that sells a wide range of inexpensive household goods. Variety stores often have product lines including food and drink, personal hygiene products, small home and garden tools, office supplies, decorations, electronics, garden plants, toys, pet supplies, recorded media and motor and bike consumables. Source: CoolInterview.com
Question: State the features of full- line discount store.
Answer: 1. It conveys the image of a high-volume, low- cost outlet selling a broad product assortment for less than conventional prices.
2. Shopping carts and centralized checkout service are provided. Customer service is not usually provided within store departments but at centralized area.
3. Products are normally sold via self- service pos equipment with minimum assistance in any single department.
4. Less fashion- sensitive merchandise is carried. Source: CoolInterview.com
Question: Explain environmental theory of retailing.
Answer: As retail institutions are economic entities they also confront an environment. Retail environment is made up of customers, competitors and changing technology. The changes in the external environment can alter the profitability of retail organizations. If an organisation is not able to cope with its external environment it will soon vanish from the market. Thus, the birth, success or decline of different forms of retail enterprises many a times is attributed to the business environment. Source: CoolInterview.com
Question: What is wheel of retailing?
Answer: Wheel of retailing refers to a company entering the market with low prices and affordable services in order to challenge competitors. The wheel of retailing is a theory to explain the institutional changes that take place when innovators, including large business houses, enter the retail arena. The wheel of retailing is a hypothesis that describes how retailers approach to capture market share and create brand value. It explains how retailers usually begin at the bottom of the wheel with low pri Source: CoolInterview.com
Question: What are the services performed by retailers to consumers?
Answer: 1. They provide credit facilities to the consumers thereby helping them in times of difficulty.
2. They extend free home delivery and after sales service to the consumers.
3. They supply fresh products to the consumers.
4. They allow cash discount to the consumers on the products sold.
5. They buy and stock products best suited to the consumers.
6. They introduce new products to the consumers and also guide them as to their uses. Source: CoolInterview.com
Question: What is direct selling?
Answer: Direct selling is the marketing and selling of products directly to consumers away from a fixed retail location. Peddling is the oldest form of direct selling. Modern direct selling includes sales made through the party plan, one- on- one demonstrations and other personal contact arrangements as well as internet sales. Direct selling is a dynamic, vibrant, rapidly expanding channel of distribution for the marketing of products and services directly to consumers. Source: CoolInterview.com
Question: What are the disadvantages of franchise stores?
Answer: 1. The prospective franchisee may find it difficult to assess the quality of the franchisor.
2. The franchise contract will contain some restrictions against the sale or transfer of the franchised business.
3. The franchisor's policies may affect the franchisee's profitability.
4. The franchisor may make mistakes in their policies.
5. The good name of the franchised business and its brand image may become less reputable for reasons beyond their control. Source: CoolInterview.com
Question: State the theories of retailing.
Answer: Following are the important theories of retailing:-
1. Environmental Theory
2. Cyclical Theory
3. Conflict Theory Source: CoolInterview.com
Question: Explain mail order.
Answer: Mail order is the buying of goods or services by mail delivery. The buyer places an order for the desired products with the merchant through some remote method such as telephone call or web site. Then, the products are delivered to the customer. The products are typically delivered directly to an address supplier by the customer. The goods are supplied on the system of P.O.D.(i.e., payment of delivery) or V.P.P.(i.e., value payable through the post). Source: CoolInterview.com
Question: What are independent stores?
Answer: These are generally family- owned businesses catering to small sections of society. They are small, individually run and handled retail outlets. These stores operate in the local locality. Therefore, they are in the near vicinity of a particular locality. These are also known as mom- and- pop stores. Source: CoolInterview.com
Question: State the advantages and disadvantages of independent stores.
Answer: Advantages of independent stores are as follows:
1. Decision making is centralized.
2. Low investment cost.
3. No need to drive long distance.
4. Free home delivery.
5. Credit facility,
Disadvantages of independent stores are as follows:
1. Less bargain power with suppliers.
2. Cannot gain economies of scale.
3. Very little computerization.
4. Relatively high cost of advertising.
5. Over dependence on owner. Source: CoolInterview.com
Question: What is a franchise?
Answer: A franchise is a contractual agreement between the franchiser and franchisee which allows the franchise to conduct business under an established name as per a particular business format in return for a fee or compensation. Franchising can be a product or trademark where the franchise sells the products under franchiser name. Source: CoolInterview.com
Question: What is retailing?
Answer: Retailing includes all the activities involved in selling goods or services to the final customers for personal, non- business use. Retailing is the sale of goods or commodities in small quantities directly to consumers. Retailing is the final stage in a channel of distribution. Retailing functions are performed by any firm selling merchandise or providing services to the final consumer. Source: CoolInterview.com
Question: What are the advantages and disadvantages of super market?
Answer: Advantages of retail market are as follows:
1. Low overheads, particularly selling overheads.
2. Low prices and high profits because of quick turnover.
3. Situated at convenient places and within reach of buyers.
4. Avails economies of large scale operation.
5. The buyer is perfectly free as to what he should buy.
Disadvantages of super markets are as follows:
1. Huge capital required.
2. Need of central place.
3. Lack of personal attention.
4. Unsuitable for all pr Source: CoolInterview.com
Question: Explain cyclical theory of retailing.
Answer: Cyclical theory basically explains the different phases in a company. According to this theory, change follows a pattern and all phases have identifiable attributes associated with them. There are three primary components associated with the theory: wheel of retailing, retail life cycle and retail accordion. Source: CoolInterview.com
Question: State the challenges faced by Indian organised retailers.
Answer: Following are the challenges faced by Indian organised retailers:
1. International Standards
2. Inefficient Supply Chain Management
3. Lack of Retail Space
4. Cultural Disparity
5. Escalating Real Estate Prices
6. Human Resource Problems
7. Frauds in Retail
8. Infrastructure and Logistics
9. Complexity in Tax Structure
10. Currency Fluctuation
11. Red- tapisim
12. Political Risk. Source: CoolInterview.com
Question: What are the advantages and disadvantages of departmental stores?
Answer: Advantages of departmental stores are as follows:
1. Shopping Convenience
2. Wide Choice
3. Economies of large scale
4. Liberal Services
5. Central Location
6. Economy and Advertising
7. Use of Specialized Services
Disadvantages of departmental stores are as below:
2. High cost of operation
3. Higher Prices
4. Difficult to Establish
5. Absence of personal contact
6. Lack of Co-ordination
Question: What is a convenience store?
Answer: Convenience store is a small store that stocks a range of everyday items such as groceries, snack, food, candy, milk, eggs, soft drinks, tobacco products and newspapers. They are comparatively smaller stores located near residential areas. They are opened for long hours for the convenience of customers and have a limited variety of stock and convenience products. These shops are open seven days a week and offer a limited line of convenience products. Source: CoolInterview.com
Question: How does telemarketing work?
Answer: Telemarketing is usually done through specific campaigns. Contact is established with hundreds of prospects in a campaign that normally runs through a few days. Several tele- callers re hired for the tele- call operation. Source: CoolInterview.com
Question: State the advantages of franchise stores.
Answer: Advantages of franchise stores are as follows:
a) The franchisee's lack of basic or specialised knowledge is overcome by the training programme of the franchisor.
b) The franchisee will usually need less capital than for setting up a business independently.
c) The franchisee receives the benefit of the franchisor's advertising and promotional activities.
d) The franchisee has the benefit of the use of the franchisor's patents, trademarks, copyrights, trade secrets and any Source: CoolInterview.com
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Latest 20 Questions
Payment of time- barred debt is:
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal