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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. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Single-Channel Retailing
Motives
Flexible Pricing
Destination Retailer
2. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Supermarket
Direct Store Distribution (DSD)
Price Lining
Horizontal Retail Audit
3. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Information Search
Leader Pricing
Non-probability Sample
Nongoods Services
4. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Situation Analysis
Warehouse Store
Affinity
Curing (Free-Flowing) Traffic Flow
5. Involves a clear statement of the topic to be studied
Food-Based Superstore
Electronic Article Surveillance
Issue (problem) Definition
Control
6. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Retail Promotion
Solution Selling
Benchmarking
Planogram
7. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Social Responsibility
Electronic Data Interchange (EDI)
Augmented Customer Service
Issue (problem) Definition
8. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Sorting Process
Open-to-Buy
Analog Model
Compensation
9. Graphically displays its hierarchical relationships created by a retailer
Hierarchy of Effects
Monthly Sales Index
Organization Chart
Impulse Purchases
10. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Order-Taking Salesperson
Secondary Data
Class Consciousness
Regional Shopping Center
11. Involves an informal ranking of people based on income - occupation - education and other factors
Central Business District
Atmosphere (atmospherics)
Memorandum Purchase
Social Class
12. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Initial Markup
PMs (Promotional or Push Monies)
Product Life Cycle
Non-probability Sample
13. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Rack Display
Point of Difference
Incremental Budgeting
Model Stock Approach
14. The aspects of business to which a retailers must adapt
Data-Base Management
Consumer Behavior
Consumer Protection
Uncontrollable Variables
15. Suppliers sell through a moderate number of retailers
Selective Distribution
Need-Satisfaction Approach
Observation
Market Segment Product Groupings
16. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Internet
Differentiated Marketing
Sales Opportunity Grid
Consumer Cooperative
17. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Weeks' Supply Method
Geographical Information System
Pre-Training
Problem Awareness
18. Focuses on the sale of tangible phoducts
Zero-Based Budgeting
Controllable Variables
Goods Retailing
Convenience Store
19. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Maintained Markup
Order-Taking Salesperson
Training Programs
Job Analysis
20. Customer orientation - coordinated effort - value driven and goal orientation
Wheel of Retailing
Retailing Concept
Goods/Service Category
Performance Measures
21. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Electronic Data Interchange (EDI)
Gross Margin
Net Worth
Competitive Parity Method
22. When a retailer looks at data that are collected to address the specific issue or problem under study
Supply Chain
Vertical Retail Audit
Primary Data
Mass Marketing
23. When a retailer acts in the best interests of society - as well as itself
Reilly's Law of Retailing Gravitation
Prestige Pricing
Pre-Training
Social Responsibility
24. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Supply Chain
Tactics
Value (retailer)
Social Responsibility
25. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Situation Analysis
Operating Expenses
Private (dealer) Brands
Value (customer)
26. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Horizontal Retail Audit
Physical Inventory System
Universal Product Code (UPC)
Item Price Removal
27. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Service Retailing
Issue (problem) Definition
Reilly's Law of Retailing Gravitation
Nonstore Retailing
28. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Organizational Mission
Trading Area Overlap
Retail Method of Accounting
Secondary Trading Area
29. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Customary Pricing
Fringe Trading Area
Basic Stock Method
Demand-Oriented Pricing
30. Assumes new merchandise is sold first - while older stock remains in inventory
Market Segment Product Groupings
Sole Proprietorship
LIFO (last-in-first-out) Method
Book (Perpetual) Inventory System
31. Used by retailers that promote seasonally
Markup Pricing
Objectives
Massed Promotion Effort
Concentrated Marketing
32. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Central Business District
Cost-Oriented Pricing
Outshopping
Secondary Data
33. A way to collect - store and use relevant information about customers
Massed Promotion Effort
Monthly Sales Index
Data-Base Retailing
Revolving Credit Account
34. 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
Fringe Trading Area
HRM Process
Discretionary income
Visual Merchandising
35. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Hidden Assets
Central Business District
Stock-to-Sales Method
Diversification
36. 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
Retailing Concept
Option Credit Account
All-You-Can-Afford Method
37. The activity whereby a retailer generates a list of job applicants
Liabilities
Computerized Checkout
Core Customers
Recruitment
38. Whereby franchisors limit franchisee involvement in the strategic planning process
Bait-and-Switch Advertising
Evaluation of Alternatives
Word of Mouth (WOM)
Constrained Decision Making
39. Beginning inventory - purchases - and transportation charges equal the cost of this
Zero-Based Budgeting
Strategy Mix
Memorandum Purchase
Merchandise Available for Sale
40. Represents how a given retailer is perceived by consumers and others
Robinson-Patman Act
Fad Merchandise
Image
Secondary Trading Area
41. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Customer Satisfaction
Electronic Banking
Everyday Low Pricing (EDLP)
42. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Purchase Motivation Product Groupings
Distributed Promotion Effort
Traditional Job Description
All-You-Can-Afford Method
43. A retailers commitment to a type of business and to a distinctive role in the marketplace
Option Credit Account
Organizational Mission
Cut Case
Organization Chart
44. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Canned Sales Presentation
Customary Pricing
Robinson-Patman Act
Application Blank
45. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Consumer Cooperative
Consumer Loyalty (Frequent Shopper) Programs
Electronic Point of Sale System
Total Retail Experience
46. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Purchase Motivation Product Groupings
Secondary Trading Area
Geographical Information System
Revolving Credit Account
47. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Fringe Trading Area
Destination Retailer
Membership (Warehouse) Club
Massed Promotion Effort
48. When manufacturers and wholesales seek to control the retail prices of their goods and services
Vertical Price Fixing
Operating Expenses
Productivity
Category Killer
49. The line of business in which a retailer operates
Goods/Service Category
Regression Model
Multiple-Unit Pricing
Vending Machine
50. Competition between manufacturers and retailers for shelf space and profits
Battle of the Brands
Book (Perpetual) Inventory System
Cross-Merchandising
Net Sales