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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. Where the same customers are served by both branches
Trading Area Overlap
Ethics
Net Profit After Taxes
Simulation
2. A listing of bipolar adjectives scales
Storefront
Semantic Differential
Regression Model
Neighborhood Business District
3. 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
Operations Management
Outsourcing
Retail Institution
Multiple-Unit Pricing
4. Represents the total bundle of benefits offered to consumers through a channel of distribution
Reilly's Law of Retailing Gravitation
Value Chain
Issue (problem) Definition
Cost of Goods Sold
5. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Retail Organization
Video Kiosk
Warehouse Store
Family Life Cycle
6. A retailers commitment to a type of business and to a distinctive role in the marketplace
Want Book (Want Slip)
Organizational Mission
Odd Pricing
Need-Satisfaction Approach
7. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Vertical Retail Audit
Horizontal Retail Audit
Objective-and-Task Method
Price-Quality Association
8. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Graduated Lease
Want Book (Want Slip)
Scrambled Merchandising
Item Price Removal
9. Objective - quantifiable - easily identifiable and measurable population data
Lifestyles
Multi-Channel Retailing
Assortment
Demographics
10. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Training Programs
Floor-Ready Merchandise
Convenience Store
Ethics
11. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Maintenance-Increase-Recoupment Lease
Destination Retailer
Personal Selling
Never-Out List
12. Doubt that the correct decision has been made
Massed Promotion Effort
Percentage Variation Method
Cognitive Dissonance
Pre-Training
13. Zeroing in on one specific group
Concentrated Marketing
Assortment
Net Worth
Channel Control
14. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Want Book (Want Slip)
Controllable Variables
Predatory Pricing
Point-of-Purchase Display
15. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Fashion Merchandise
Service Retailing
Lifestyles
Differentiated Marketing
16. Short-term selling and administrative costs in running a business
Simulation
Problem Awareness
Operating Expenditures
Geographical Information System
17. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
HRM Process
Ease of Entry
Mystery Shoppers
Percentage-of-Sales Method
18. 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
Power Center
Relationship Retailing
Ease of Entry
Consignment Purchase
19. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Net Sales
Assortment
Objectives
Retail Information System
20. Ways in which individual consumers and families live and spend time and money
Direct Selling
Lifestyles
Assortment
Basic Stock Method
21. 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
Factory Outlet
Application Blank
Positioning
Sales Manager
22. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display
Vertical Retail Audit
Threats
Storability Product Groupings
Relationship Retailing
23. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Merchandising Philosophy
Balanced Tenancy
Micromarketing
External Secondary Data
24. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Semantic Differential
Full-Line Discount Store
Training Programs
Trading Area
25. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Constrained Decision Making
Owned-Goods Services
Objectives
Supermarket
26. 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
Horizontal Cooperative Advertising Agreement
Competitive Parity Method
Revolving Credit Account
Lifestyles
27. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Model Stock Approach
Merchandising Philosophy
Diversification
Nonstore Retailing
28. A cash or card operated retailing format that dispenses goods and services
Experiential Merchandising
Vending Machine
Organization Chart
Manufacturer (national) Brands
29. Used for products needing special handling
Strategy Mix
Neighborhood Business District
Storability Product Groupings
Outsourcing
30. 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
Functional Product Groupings
Basic Stock List
Distributed Promotion Effort
31. The aspects of business that a firm can directly affect
Target Marketing
Channel of Distribution
Controllable Variables
Cost of Method Accounting
32. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Term Occupancy
Nonstore Retailing
Diversified Retailer
Variety Store
33. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Retail Organization
Manufacturer (national) Brands
Prototype Stores
Opportunity Costs
34. 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
Corporation
PMs (Promotional or Push Monies)
Goods Retailing
35. A retailer wants to maintain a specified ratio of goods on hand to sales
Neighborhood Business District
Stimulus
Stock-to-Sales Method
Marquee
36. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Debit Card System
Yield Management Pricing
Straight (Gridiron) Traffic Flow
Tactics
37. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Infomercial
Control
Objective-and-Task Method
Multi-Channel Retailing
38. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Straight (Gridiron) Traffic Flow
Assortment Merchandise
Community Shopping Center
Net Worth
39. The form of research in which present behavior or the results of past behavior are noted and recorded
Retail Organization
Flexible Pricing
Loss Leaders
Observation
40. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Cooperative Advertising
Category Management
String
Analog Model
41. Calls for all maintenance costs to be paid by the retailer
Net Lease
Direct Selling
Cost of Goods Sold
Public Relations
42. Factors having a high relationship with job success are given more weight than others
Niche Retailing
Monthly Sales Index
Weighted Application Blank
Job Motivation
43. Selling goods and services to a broad spectrum of consumers
Fringe Trading Area
Ensemble Display
Reilly's Law of Retailing Gravitation
Mass Marketing
44. Consists of the regular products carried by a retailer
Memorandum Purchase
Nonstore Retailing
Staple Merchandise
Traditional Job Description
45. 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
Data Mining
Demand-Oriented Pricing
Benchmarking
Solution Selling
46. Occurs when one consumer talks to others; can build a chain of customers
Post-Purchase Behavior
Distributed Promotion Effort
Performance Measures
Word of Mouth (WOM)
47. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Functional Product Groupings
Human Resource Management
Equal Store Organization
Liabilities
48. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Human Resource Management
Assortment Display
Factory Outlet
Affinity
49. Marketplace opening that exist because other retailers have not yet capitalized on them
Electronic Data Interchange (EDI)
Trading Area
Opportunities
Channel of Distribution
50. Takes place when the consumer buys out of habit and skips steps in the purchase process
Routine Decision Making
Cooperative Buying
Compensation
Percentage-of-Sales Method