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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. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Relationship Retailing
Massed Promotion Effort
Organizational Mission
Horizontal Price Fixing
2. 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
Cooperative Advertising
Bottom-Up Space Management Approach
Franchising
Employee Empowerment
3. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Net Lease
Point-of-Purchase Display
Vertical Cooperative Advertising Agreement
Price-Quality Association
4. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Consumer Protection
Classification Merchandising
Affinity
Gross Margin
5. The basic format or structure of a business
Equal Store Organization
Retail Institution
Predatory Pricing
Ease of Entry
6. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Ensemble Display
Cut Case
Cost-Oriented Pricing
Multiple-Unit Pricing
7. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Recruitment
Non-probability Sample
Dead Areas
Objective-and-Task Method
8. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Product/Trademark Franchising
Retail Promotion
Neighborhood Shopping Center
Micromarketing
9. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Strategy Mix
Neighborhood Business District
Geographical Information System
Basic Stock Method
10. Occurs when one consumer talks to others; can build a chain of customers
Word of Mouth (WOM)
Compensation
Evaluation of Alternatives
Stock-to-Sales Method
11. Available from sources outside the firm
Destination Retailer
Dead Areas
Unit Pricing
External Secondary Data
12. The positive - neutral or negative feelings a person has about different topics
Marquee
Merchandise Available for Sale
Cross-Merchandising
Attitudes (Opinions)
13. Customer orientation - coordinated effort - value driven and goal orientation
Retailing Concept
Hidden Assets
Gravity Model
Basic Stock Method
14. Consists of the regular products carried by a retailer
Core Customers
Concentrated Marketing
Retail Audit
Staple Merchandise
15. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Product/Trademark Franchising
Perceived Risk
Specialog
Retail Strategy
16. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Secondary Business District (SBD)
Nonstore Retailing
Memorandum Purchase
Basic Stock Method
17. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Organizational Mission
Width of Assortment
Theme-Setting Display
Impulse Purchases
18. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Infomercial
One-Price Policy
Horizontal Retail Audit
RFID (radio frequency identification)
19. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Supermarket
Assortment
Markup Pricing
Family Life Cycle
20. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Electronic Article Surveillance
Theme-Setting Display
Basic Stock List
Purchase Motivation Product Groupings
21. Consists of all the levels of independently owned businesses along a channel of distribution
Want Book (Want Slip)
LIFO (last-in-first-out) Method
Vertical Marketing System
Revolving Credit Account
22. A retailer purposely adjusts markups by merchandise category
Variety Store
Stock-to-Sales Method
Variable Markup Policy
Routine Decision Making
23. Retailers price selected items below cost to lure more customer traffic for those retailers
Efficient Consumer Response (ECR)
Cooperative Buying
Observation
Loss Leaders
24. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Price Lining
Goal-Oriented Job Description
Book (Perpetual) Inventory System
Inventory Management
25. Used for products needing special handling
Regression Model
Price Elasticity of Demand
Warehouse Store
Storability Product Groupings
26. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Vertical Marketing System
Conventional Supermarket
Forecasts
Price-Quality Association
27. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Percentage-of-Sales Method
Book (Perpetual) Inventory System
Product/Trademark Franchising
Flexible Pricing
28. When a retailer acts in the best interests of society - as well as itself
Slotting Allowances
Sales-Productivity Ratio
Multiple-Unit Pricing
Social Responsibility
29. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Variable Markup Policy
Computerized Checkout
Efficient Consumer Response (ECR)
Horizontal Cooperative Advertising Agreement
30. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Compensation
Battle of the Brands
Semantic Differential
Direct Product Profitability (DPP)
31. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Cost of Method Accounting
Everyday Low Pricing (EDLP)
Markdown
32. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Electronic Banking
Specialog
Merchandising
Conventional Supermarket
33. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Exclusive Distribution
Department Store
Dual Marketing
Ethics
34. Represents the total bundle of benefits offered to consumers through a channel of distribution
Value Chain
Supercenter
Consumer Behavior
Traditional Job Description
35. 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
Net Lease
Reach
Product/Trademark Franchising
36. Selling goods and services to a broad spectrum of consumers
Planogram
Constrained Decision Making
Mass Marketing
Bifurcated Retailing
37. The reasons for a consumers behavior
Outshopping
Retail Method of Accounting
Markup Pricing
Motives
38. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
LIFO (last-in-first-out) Method
Diversification
Advertising
Secondary Trading Area
39. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Pre-Training
Cross-Shopping
PMs (Promotional or Push Monies)
Retail Organization
40. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Training Programs
Performance Measures
Mass Merchandising
Supervision
41. Used by retailers that promote throughout the year
Post-Purchase Behavior
Straight (Gridiron) Traffic Flow
Non-probability Sample
Distributed Promotion Effort
42. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Issue (problem) Definition
Ethics
Gap Analysis
Point-of-Purchase Display
43. 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
Cut Case
Data Mining
Consumer Loyalty (Frequent Shopper) Programs
Objective-and-Task Method
44. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Convenience Store
Chargebacks
Model Stock Approach
Word of Mouth (WOM)
45. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Assets
Total Retail Experience
Basic Stock List
Box (Limited-Line) Store
46. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Purchase Act
Concentrated Marketing
Theme-Setting Display
Floor-Ready Merchandise
47. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Scenario Analysis
Vertical Cooperative Advertising Agreement
Stock Turnover
Retail Life Cycle
48. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Category Management
Niche Retailing
Leader Pricing
Electronic Banking
49. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Automatic Reordering System
Weeks' Supply Method
Full-Line Discount Store
Marketing Research In Retailing
50. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Core Customers
Stock-to-Sales Method
Micromerchandising
Customary Pricing