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Test your basic knowledge |
Retail Management
Start Test
Study First
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. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Open-to-Buy
Niche Retailing
Order-Getting Salesperson
Reach
2. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Job Analysis
Benchmarking
Mystery Shoppers
Micromarketing
3. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Operations Blueprint
Markdown
Retail Institution
Sales-Productivity Ratio
4. Involves oral communication with one or more prospective customers for the purpose of making a sale
Personal Selling
Cross-Merchandising
Zero-Based Budgeting
Regional Shopping Center
5. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Mazur Plan
Demand-Oriented Pricing
Initial Markup
Positioning
6. 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
Option Credit Account
Nongoods Services
Horizontal Cooperative Advertising Agreement
Direct Marketing
7. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Planogram
Marquee
Marketing Research In Retailing
Culture
8. Focuses on the sale of tangible phoducts
Benchmarking
Membership (Warehouse) Club
Perceived Risk
Goods Retailing
9. Exhibits heavier - bulkier items than a rack holds
Case Display
Loss Leaders
Retailing
Customer Satisfaction
10. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Niche Retailing
Canned Sales Presentation
Opportunistic Buying
Attitudes (Opinions)
11. The aspects of business to which a retailers must adapt
Operating Expenditures
Uncontrollable Variables
Experiential Merchandising
Nongoods Services
12. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Straight (Gridiron) Traffic Flow
Video Kiosk
Performance Measures
Inventory Shrinkage
13. Whereby goods owned by consumers are repaired - improved - or maintained
Customer Service
Owned-Goods Services
Battle of the Brands
Routine Decision Making
14. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Threats
Supercenter
Marketing Research In Retailing
Retail Strategy
15. A retailer purposely adjusts markups by merchandise category
Flexible Pricing
Staple Merchandise
Variable Markup Policy
Niche Retailing
16. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Zero-Based Budgeting
Retail Strategy
Graduated Lease
Department Store
17. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Organization Chart
Positioning
Factory Outlet
Conventional Supermarket
18. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Job Analysis
Information Search
Floor-Ready Merchandise
Scrambled Merchandising
19. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Limited Decision Making
Never-Out List
Odd Pricing
Demographics
20. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Ethics
Planogram
World Wide Web
Markdown
21. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Assets
FIFO (first-in-first-out) Method
Mass Marketing
Culture
22. Available within the company - sometimes from the data bank of a retail information system
Universal Product Code (UPC)
Micromarketing
Electronic Data Interchange (EDI)
Internal Secondary Data
23. A retail firm owned by its customer members
Multi-Channel Retailing
Consumer Cooperative
Competitive Parity Method
Personality
24. When manufacturers and wholesales seek to control the retail prices of their goods and services
Vertical Price Fixing
Niche Retailing
Micromarketing
Retail Information System
25. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Recruitment
Unit Pricing
Nonstore Retailing
Analog Model
26. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Purchase Act
Data Mining
Variable Pricing
Mass Merchandising
27. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Community Shopping Center
Service Retailing
Order-Getting Salesperson
Unit Control
28. Merchandise that generates high sales over a short time
Generic Brands
Product Life Cycle
Internal Secondary Data
Fad Merchandise
29. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings
Micromarketing
Odd Pricing
Book (Perpetual) Inventory System
Augmented Customer Service
30. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Predatory Pricing
Reverse Logistics
Rented-Goods Services
Conventional Supermarket
31. 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
Trading Area Overlap
Leader Pricing
Expected Customer Service
Outsourcing
32. Outlines a retailer's planned expenditures for a given time based on expected performance
Floor-Ready Merchandise
Retail Institution
Unit Pricing
Budgeting
33. A retail firm that is formally incorporated under state law
Net Sales
Weighted Application Blank
Corporation
Lifestyles
34. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Private (dealer) Brands
Outsourcing
Tactics
Community Shopping Center
35. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Variable Markup Policy
Employee Empowerment
Single-Channel Retailing
Exclusive Distribution
36. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Box (Limited-Line) Store
Customer Loyalty
Assortment Display
Information Search
37. A formal way to record consumer requests for unstocked for out-of-stock merchandise
LIFO (last-in-first-out) Method
Want Book (Want Slip)
Option Credit Account
Food-Based Superstore
38. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
Attitudes (Opinions)
Retail Strategy
Secondary Business District (SBD)
39. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
PMs (Promotional or Push Monies)
Trading Area Overlap
Competition-Oriented Pricing
Evaluation of Alternatives
40. 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
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41. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Reverse Logistics
Zero-Based Budgeting
Fringe Trading Area
Ease of Entry
42. Involve the combination of separately owned retail firms
Mergers
Weighted Application Blank
Primary Trading Area
Customer Loyalty
43. 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
Atmosphere (atmospherics)
Forecasts
Consumer Decision Process
Publicity
44. Involves a clear statement of the topic to be studied
Issue (problem) Definition
Household Life Cycle
Distributed Promotion Effort
Chargebacks
45. The manner of providing a job environment that encourages employee accomplishment
Marquee
Positioning
Supervision
Outsourcing
46. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Point of Difference
Sorting Process
Infomercial
Video Kiosk
47. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Total Retail Experience
Percentage Variation Method
Scrambled Merchandising
Incremental Method
48. 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
Experiential Merchandising
Visual Merchandising
Attitudes (Opinions)
Horizontal Cooperative Advertising Agreement
49. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Assortment Merchandise
Everyday Low Pricing (EDLP)
Efficient Consumer Response (ECR)
Retail Strategy
50. Whereby a retailers sells to consumers through multiple retail formats
Multi-Channel Retailing
Rack Display
Quick Response (QR) Inventory Planning
Multiple-Unit Pricing