SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Minimum-Price Laws
Lifestyle Center
Job Motivation
Exclusive Distribution
2. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Corporation
Feedback
Customer Service
Convenience Store
3. Represents the total bundle of benefits offered to consumers through a channel of distribution
Assets
Value Chain
Need-Satisfaction Approach
Niche Retailing
4. Based on the original retail value assigned to merchandise less the costs of the merchandise
Merchandising Philosophy
Initial Markup
Personal Selling
Opportunity Costs
5. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Net Sales
Chain
Regression Model
Nongoods Services
6. 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
Battle of the Brands
Ethics
Supply Chain
Weighted Application Blank
7. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Job Analysis
Basic Stock List
Seasonal Merchandise
Traditional Job Description
8. the drive within people to attain work-related goals - can be positive or negative
Flea Market
Job Motivation
Channel Control
Supply Chain
9. 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
Internal Secondary Data
Depth of Assortment
Opportunities
10. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Retail Information System
Affinity
Customer Loyalty
Diversified Retailer
11. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Secondary Trading Area
Merchandise Available for Sale
Tactics
Order-Taking Salesperson
12. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Post-Purchase Behavior
Cost of Goods Sold
Data-Base Retailing
Yield Management Pricing
13. When a retailer acts in the best interests of society - as well as itself
Destination Retailer
Flexible Pricing
Purchase Motivation Product Groupings
Social Responsibility
14. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Data Mining
Graduated Lease
Differentiated Marketing
Job Analysis
15. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Hierarchy of Effects
Hidden Assets
Retail Strategy
16. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Customer Satisfaction
Balanced Tenancy
Human Resource Management
Operations Management
17. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
Corporation
Product/Trademark Franchising
Employee Empowerment
Dump Bin
18. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Word of Mouth (WOM)
Need-Satisfaction Approach
Compensation
Cooperative Advertising
19. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Reference Groups
Gap Analysis
Electronic Article Surveillance
Supercenter
20. 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
Retail Organization
Geographical Information System
Resident Buying Office
Manufacturer (national) Brands
21. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Single-Channel Retailing
Convenience Store
Retailing
Independent
22. The customer group sought by a retailer
Competition-Oriented Pricing
Target Marketing
Curing (Free-Flowing) Traffic Flow
Diversified Retailer
23. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Objective-and-Task Method
Training Programs
Service Retailing
Opportunistic Buying
24. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Width of Assortment
Destination Retailer
Sales Manager
Micromerchandising
25. Focuses on the sale of tangible phoducts
Primary Data
Goods Retailing
Discretionary income
Personality
26. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share
Issue (problem) Definition
Niche Retailing
Analog Model
Traditional Department Store
27. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Competition-Oriented Pricing
Business Format Franchising
Probability (Random) Sample
Universal Product Code (UPC)
28. 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
Electronic Banking
Item Price Removal
All-You-Can-Afford Method
Motives
29. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Canned Sales Presentation
Competitive Parity Method
Percentage Variation Method
Hierarchy of Effects
30. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Logistics
Consumer Protection
Electronic Data Interchange (EDI)
Maintained Markup
31. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Point-of-Purchase Display
Extended Decision Making
Micromerchandising
Value (customer)
32. The portion of revenues turned over to the federal - state and/or local government
Taxes
Objectives
Purchase Motivation Product Groupings
Organizational Mission
33. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Huff's Law of Shopper Attraction
Percentage Variation Method
Direct Store Distribution (DSD)
Full-Line Discount Store
34. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Fad Merchandise
Off-Price Chain
Power Center
Owned-Goods Services
35. 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
Odd Pricing
Bait-and-Switch Advertising
Book (Perpetual) Inventory System
Retail Method of Accounting
36. Whereby consumers lease and use goods for specified periods of time
Minimum-Price Laws
Rented-Goods Services
Cognitive Dissonance
Value (customer)
37. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Private (dealer) Brands
Data-Base Retailing
Department Store
Cost of Goods Sold
38. The form of research in which present behavior or the results of past behavior are noted and recorded
Word of Mouth (WOM)
Observation
Taxes
Single-Channel Retailing
39. 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
Top-Down Space Management Approach
Outsourcing
Private (dealer) Brands
Selective Distribution
40. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Economic Base
Order-Taking Salesperson
Feedback
Positioning
41. An unincorporated retail firm owned by two or more persons - each with a financial interest
Partnership
Dump Bin
Fad Merchandise
Membership (Warehouse) Club
42. 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
Channel Control
Liabilities
Option Credit Account
Financial Merchandise Management
43. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Personal Selling
Direct Marketing
Never-Out List
Sales Opportunity Grid
44. The overall plan guiding a retail firm
Retail Strategy
Opportunities
Robinson-Patman Act
Distributed Promotion Effort
45. The manner of providing a job environment that encourages employee accomplishment
Classification Merchandising
Objectives
Feedback
Supervision
46. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Class Consciousness
Observation
Horizontal Price Fixing
Inventory Management
47. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Retail Method of Accounting
Consumer Decision Process
Retail Life Cycle
Battle of the Brands
48. Customer orientation - coordinated effort - value driven and goal orientation
Retailing Concept
Wheel of Retailing
Ethics
Lifestyles
49. A case that holds piles of sale clothing - marked down books or other products
Net Worth
Positioning
Dollar Control
Dump Bin
50. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Bait-and-Switch Advertising
Gross Margin
Marketing Research In Retailing
Data-Base Management