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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 sign that displays the store's name
Price Elasticity of Demand
Constrained Decision Making
Fashion Merchandise
Marquee
2. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Sales Opportunity Grid
Trading Area Overlap
Traditional Job Description
Percentage-of-Sales Method
3. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Target Marketing
Purchase Motivation Product Groupings
Strategy Mix
Maintenance-Increase-Recoupment Lease
4. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
World Wide Web
Operating Expenditures
Everyday Low Pricing (EDLP)
5. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Economic Base
Prototype Stores
Debit Card System
6. The long-run and short-run performance targets a retailers hopes to attain
Objectives
Secondary Business District (SBD)
Organizational Mission
Warehouse Store
7. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Customer Loyalty
Nongoods Services
Consignment Purchase
Social Responsibility
8. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Solution Selling
Balanced Tenancy
Reverse Logistics
Open-to-Buy
9. A retailers commitment to a type of business and to a distinctive role in the marketplace
Organizational Mission
Item Price Removal
Primary Data
Recruitment
10. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Need-Satisfaction Approach
Floor-Ready Merchandise
Cooperative Buying
Purchase Motivation Product Groupings
11. Includes all the remaining customers - and they are the most widely dispersed
Universal Product Code (UPC)
Augmented Customer Service
Dual Marketing
Fringe Trading Area
12. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
Incremental Budgeting
Consumer Protection
Limited Decision Making
13. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Corporation
Equal Store Organization
Stock-to-Sales Method
Experiment
14. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Product Life Cycle
Markup Pricing
Chain
String
15. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Retail Information System
Merchandising
Cross-Shopping
Traditional Job Description
16. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Direct Store Distribution (DSD)
Business Format Franchising
Infomercial
Tactics
17. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Top-Down Space Management Approach
Distributed Promotion Effort
Information Search
Exclusive Distribution
18. Represents how a given retailer is perceived by consumers and others
Retail Strategy
Case Display
Image
Consumer Decision Process
19. Represents the total bundle of benefits offered to consumers through a channel of distribution
Value Chain
Selective Distribution
Item Price Removal
Impulse Purchases
20. Involves a clear statement of the topic to be studied
Issue (problem) Definition
Competition-Oriented Pricing
Attitudes (Opinions)
Differentiated Marketing
21. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Micromerchandising
Ease of Entry
Straight (Gridiron) Traffic Flow
Leader Pricing
22. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Data-Base Retailing
Electronic Point of Sale System
Bifurcated Retailing
External Secondary Data
23. 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
Case Display
Loss Leaders
Option Credit Account
Independent
24. Where the same customers are served by both branches
Outsourcing
Incremental Method
Prototype Stores
Trading Area Overlap
25. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Odd Pricing
Functional Product Groupings
Demand-Oriented Pricing
Computerized Checkout
26. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Horizontal Retail Audit
Scrambled Merchandising
Department Store
Opportunity Costs
27. Occurs when one consumer talks to others; can build a chain of customers
Limited Decision Making
Word of Mouth (WOM)
Dead Areas
Private (dealer) Brands
28. A manufacturer and a retailer or a wholesales and a retailer share an ad
Hierarchy of Effects
Traditional Job Description
Vertical Cooperative Advertising Agreement
Case Display
29. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Purchase Motivation Product Groupings
Objectives
Retail Life Cycle
30. 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
Manufacturer (national) Brands
Consumer Cooperative
Reorder Point
Net Sales
31. Determines the floor space necessary to carry and display a proper merchandise assortment
Model Stock Approach
Flexible Pricing
Outshopping
Multi-Channel Retailing
32. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Core Customers
Secondary Trading Area
Quick Response (QR) Inventory Planning
Nonstore Retailing
33. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Cost of Method Accounting
Loss Leaders
Total Retail Experience
Community Shopping Center
34. The efficiency with which a retail strategy is carried out
Purchase Act
Gross Margin
Budgeting
Productivity
35. 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
Electronic Point of Sale System
Assortment Merchandise
Power Center
Planogram
36. Incorporates life stages for both family and non-family households
Robinson-Patman Act
Membership (Warehouse) Club
Market Segment Product Groupings
Household Life Cycle
37. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Data Warehousing
Regression Model
Storability Product Groupings
Everyday Low Pricing (EDLP)
38. Short-term selling and administrative costs in running a business
Pre-Training
Operating Expenditures
Trading Area Overlap
Uncontrollable Variables
39. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Point-of-Purchase Display
Primary Trading Area
Everyday Low Pricing (EDLP)
Category Killer
40. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Job Analysis
Controllable Variables
Case Display
Ethics
41. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Vertical Cooperative Advertising Agreement
Demand-Oriented Pricing
Augmented Customer Service
Marketing Research In Retailing
42. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Situation Analysis
Merchandising
Massed Promotion Effort
Goal-Oriented Job Description
43. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Maintenance-Increase-Recoupment Lease
Specialog
Electronic Banking
Opportunistic Buying
44. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Opportunities
LIFO (last-in-first-out) Method
Net Profit After Taxes
Box (Limited-Line) Store
45. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Budgeting
Limited Decision Making
Full-Line Discount Store
Efficient Consumer Response (ECR)
46. The criteria used to assess effectiveness
Survey
Experiment
Performance Measures
Cross-Merchandising
47. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Job Analysis
Total Retail Experience
Price Elasticity of Demand
Unit Control
48. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Franchising
Case Display
Demand-Oriented Pricing
Balanced Tenancy
49. Retailers price selected items below cost to lure more customer traffic for those retailers
Markdown
Retail Strategy
Loss Leaders
Experiment
50. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Sole Proprietorship
Conventional Supermarket
Merchandising Philosophy
Frequency