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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. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Marquee
Predatory Pricing
Atmosphere (atmospherics)
Vertical Price Fixing
2. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Mass Merchandising
Customer Service
Value (customer)
Wheel of Retailing
3. 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
Cost of Goods Sold
Private (dealer) Brands
Generic Brands
World Wide Web
4. A type of retail institution in which a retailers owns one retail unit
Cooperative Buying
Independent
Feedback
Direct Store Distribution (DSD)
5. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Massed Promotion Effort
Net Sales
Internal Secondary Data
Dump Bin
6. Places together various items that appeal to a given target market
Department Store
Market Segment Product Groupings
Vertical Marketing System
Semantic Differential
7. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Box (Limited-Line) Store
Retail Organization
Net Sales
Membership (Warehouse) Club
8. Beginning inventory - purchases - and transportation charges equal the cost of this
Floor-Ready Merchandise
Merchandise Available for Sale
Membership (Warehouse) Club
Initial Markup
9. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Secondary Business District (SBD)
Opportunities
Assortment Merchandise
Convenience Store
10. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Experiential Merchandising
Order-Getting Salesperson
Chain
11. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Cut Case
Specialog
All-You-Can-Afford Method
Term Occupancy
12. Outlines a retailer's planned expenditures for a given time based on expected performance
Electronic Banking
Internal Secondary Data
Budgeting
Mass Merchandising
13. Whereby a retailers sells to consumers through multiple retail formats
Vendor-Managed Inventory (VMI)
Multi-Channel Retailing
Hidden Assets
FIFO (first-in-first-out) Method
14. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Price Lining
Vertical Price Fixing
Balanced Tenancy
Predatory Pricing
15. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
World Wide Web
Leased Department
Uncontrollable Variables
Benchmarking
16. Takes place when the consumer buys out of habit and skips steps in the purchase process
Routine Decision Making
Situation Analysis
Discretionary income
Percentage Lease
17. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Sales Opportunity Grid
Bifurcated Retailing
Traditional Department Store
Opportunities
18. A type of retail institution that is a department in a retail store that is rented to an outside party
Logistics
Business Format Franchising
Price Lining
Leased Department
19. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Sales Opportunity Grid
Top-Down Space Management Approach
Simulation
Data Warehousing
20. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Leased Department
Book (Perpetual) Inventory System
Cross-Shopping
Membership (Warehouse) Club
21. A merchandising technique that some firms use to improve productivity
Retail Method of Accounting
Price Lining
Category Management
Micromerchandising
22. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Seasonal Merchandise
Post-Purchase Behavior
Trading Area Overlap
Goal-Oriented Job Description
23. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Operations Blueprint
Service Retailing
Conventional Supermarket
Manufacturer (national) Brands
24. Projections of expected retail sales for given periods
Forecasts
Family Life Cycle
Weighted Application Blank
Prototype Stores
25. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Open-to-Buy
Curing (Free-Flowing) Traffic Flow
Limited Decision Making
Retailing Concept
26. The sum total of an individuals traits - which make that individual unique
Mass Merchandising
Feedback
Dead Areas
Personality
27. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Multiple-Unit Pricing
Electronic Banking
Cross-Shopping
Lifestyle Center
28. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Consumer Protection
Stimulus
PMs (Promotional or Push Monies)
Variety Store
29. When manufacturers and wholesales seek to control the retail prices of their goods and services
Situation Analysis
Vertical Price Fixing
Multiple-Unit Pricing
Basic Stock List
30. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Variety Store
Channel of Distribution
Direct Marketing
Social Class
31. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Quick Response (QR) Inventory Planning
Micromerchandising
Department Store
Internal Secondary Data
32. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Term Occupancy
Stimulus
Customary Pricing
Destination Retailer
33. The portion of revenues turned over to the federal - state and/or local government
Organizational Mission
Lifestyle Center
Gravity Model
Taxes
34. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Chargebacks
Retail Strategy
Issue (problem) Definition
Sales Promotion
35. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Electronic Data Interchange (EDI)
Outshopping
Business Format Franchising
Retail Strategy
36. Involves oral communication with one or more prospective customers for the purpose of making a sale
Personal Selling
Assortment
Gravity Model
Consumer Protection
37. Refers to the variety in any one good/service (product line) a retailer carries
Category Management
Dual Marketing
Depth of Assortment
HRM Process
38. Customer orientation - coordinated effort - value driven and goal orientation
Feedback
Geographical Information System
Functional Product Groupings
Retailing Concept
39. Typically supervises the on-floor selling and operational activities for a specific retail department
Open Credit Account
Data Warehousing
Sales Manager
Experiential Merchandising
40. Whereby goods owned by consumers are repaired - improved - or maintained
Owned-Goods Services
Odd Pricing
Battle of the Brands
Vertical Cooperative Advertising Agreement
41. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Downsizing
Culture
Organization Chart
Horizontal Retail Audit
42. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Class Consciousness
Retail Audit
Book (Perpetual) Inventory System
Revolving Credit Account
43. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Hierarchy of Authority
Pre-Training
Massed Promotion Effort
Issue (problem) Definition
44. Marketplace opening that exist because other retailers have not yet capitalized on them
Opportunities
Dollar Control
Rationalized Retailing
Service Retailing
45. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Mass Marketing
Manufacturer (national) Brands
Ease of Entry
Retail Balance
46. Used for products needing special handling
Electronic Banking
Storability Product Groupings
Data Warehousing
Impulse Purchases
47. Where the same customers are served by both branches
Mass Merchandising
Controllable Variables
Trading Area Overlap
Performance Measures
48. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Purchase Act
Never-Out List
Quick Response (QR) Inventory Planning
Operating Expenses
49. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Sole Proprietorship
Goal-Oriented Job Description
Stimulus
Vertical Retail Audit
50. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Unit Pricing
Data Warehousing
Electronic Article Surveillance
Goods/Service Category