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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. 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
Bait-and-Switch Advertising
Discretionary income
Application Blank
2. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Straight (Gridiron) Traffic Flow
Specialty Store
Leader Pricing
Ensemble Display
3. Describes how traditional family moves from bachelorhood to children to solitary retirement
Goods/Service Category
Family Life Cycle
Quick Response (QR) Inventory Planning
Ethics
4. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period
Storefront
Geographical Information System
Dollar Control
Markup Pricing
5. 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
Lifestyles
Outsourcing
Retail Information System
Debit Card System
6. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Private (dealer) Brands
Differentiated Marketing
Gap Analysis
Regression Model
7. A manufacturer and a retailer or a wholesales and a retailer share an ad
Yield Management Pricing
Job Analysis
Gravity Model
Vertical Cooperative Advertising Agreement
8. Sets the guiding principles for all the merchandise decisions a retailers makes
Neighborhood Business District
Merchandising Philosophy
Sales Opportunity Grid
Cognitive Dissonance
9. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Assortment Display
Balanced Tenancy
Social Responsibility
10. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Social Responsibility
Micromarketing
Consumer Behavior
Direct Selling
11. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Customer Service
Intensive Distribution
Open-to-Buy
Vertical Cooperative Advertising Agreement
12. 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
Partnership
Publicity
Specialog
Destination Retailer
13. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Conventional Supermarket
Massed Promotion Effort
Computerized Checkout
Case Display
14. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Yield Management Pricing
Bifurcated Retailing
Chargebacks
Secondary Business District (SBD)
15. A retailer charges the same price to all customers buying an item under similar conditions
Dead Areas
Electronic Point of Sale System
Merchandising
One-Price Policy
16. Retailers price selected items below cost to lure more customer traffic for those retailers
Loss Leaders
Organizational Mission
Food-Based Superstore
Markdown
17. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Information Search
Class Consciousness
Experiment
Product Life Cycle
18. Available within the company - sometimes from the data bank of a retail information system
Internal Secondary Data
Merchandising
One-Price Policy
Predatory Pricing
19. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Fashion Merchandise
Resident Buying Office
Efficient Consumer Response (ECR)
Computerized Checkout
20. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Reorder Point
Micromerchandising
Efficient Consumer Response (ECR)
Issue (problem) Definition
21. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Reach
Situation Analysis
Job Analysis
Bottom-Up Space Management Approach
22. Out-of-hometown shopping - is important for both local and surrounding retailers
Forecasts
Pre-Training
Variety Store
Outshopping
23. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Equal Store Organization
Retail Information System
Storefront
Data-Base Management
24. Refers to the variety in any one good/service (product line) a retailer carries
Corporation
Depth of Assortment
Direct Product Profitability (DPP)
Retail Institution
25. Takes place when the consumer buys out of habit and skips steps in the purchase process
Gross Margin
Rented-Goods Services
Unit Pricing
Routine Decision Making
26. 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
Vertical Cooperative Advertising Agreement
Financial Merchandise Management
Net Worth
Planogram
27. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Micromarketing
Data Mining
Franchising
Net Lease
28. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Generic Brands
Outshopping
Mystery Shoppers
Trading Area
29. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Owned-Goods Services
Logistics
Leader Pricing
Core Customers
30. Involves a clear statement of the topic to be studied
Theme-Setting Display
Goods Retailing
Power Center
Issue (problem) Definition
31. A retailer carries more items than expects to sell over a specified period
Basic Stock Method
Membership (Warehouse) Club
Conventional Supermarket
Purchase Act
32. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
External Secondary Data
Video Kiosk
Channel Control
Consumer Behavior
33. Many retail vendors sell a range of products at discount prices in plain surroundings
Want Book (Want Slip)
Flea Market
Fashion Merchandise
Logistics
34. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Retailing
Dual Marketing
Organization Chart
Sales Manager
35. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Scenario Analysis
Order-Taking Salesperson
Control
Net Sales
36. Used by retailers that promote throughout the year
Distributed Promotion Effort
Partnership
Storability Product Groupings
Intensive Distribution
37. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Net Lease
Secondary Trading Area
Percentage Lease
Goal-Oriented Job Description
38. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Want Book (Want Slip)
Planogram
Value Delivery System
Outsourcing
39. When manufacturers and wholesales seek to control the retail prices of their goods and services
Theme-Setting Display
Customer Loyalty
Gross Profit (margin)
Vertical Price Fixing
40. Involve the combination of separately owned retail firms
Loss Leaders
Equal Store Organization
Electronic Data Interchange (EDI)
Mergers
41. Suppliers sell through a moderate number of retailers
Stimulus
Gross Margin
Selective Distribution
Sole Proprietorship
42. The overall plan guiding a retail firm
Resident Buying Office
Order-Getting Salesperson
Retail Balance
Retail Strategy
43. Logically assumes old merchandise is sold first - while newer items remain in inventory
Basic Stock Method
Purchase Motivation Product Groupings
Rented-Goods Services
FIFO (first-in-first-out) Method
44. A multi-line firm operating under central ownership
Exclusive Distribution
Horizontal Retail Audit
Diversified Retailer
Total Retail Experience
45. 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
Direct Marketing
Positioning
Private (dealer) Brands
Sales Opportunity Grid
46. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Prototype Stores
Consumer Behavior
Percentage-of-Sales Method
Specialog
47. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Depth of Assortment
Niche Retailing
Diversification
Regression Model
48. Consists of all the levels of independently owned businesses along a channel of distribution
Horizontal Cooperative Advertising Agreement
Vertical Marketing System
FIFO (first-in-first-out) Method
Depth of Assortment
49. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Scenario Analysis
Predatory Pricing
Operating Expenses
Consumer Decision Process
50. The optimum site for a particular store
One-Hundred Percent Location
Competitive Parity Method
Ethics
Membership (Warehouse) Club