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. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
External Secondary Data
Purchase Act
Predatory Pricing
Service Retailing
2. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Partnership
Category Killer
Visual Merchandising
Maintained Markup
3. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Net Sales
Non-probability Sample
Operating Expenses
Frequency
4. Whereby franchisors limit franchisee involvement in the strategic planning process
Constrained Decision Making
Point of Difference
Word of Mouth (WOM)
Maintained Markup
5. Appeals to price-conscious consumers - who must be members to shop there
Bottom-Up Space Management Approach
Cross-Shopping
Membership (Warehouse) Club
Gap Analysis
6. A large - planned shopping facility appealing to a geographically dispersed market
Variable Pricing
Purchase Motivation Product Groupings
Cut Case
Regional Shopping Center
7. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Gravity Model
Secondary Trading Area
Experiential Merchandising
Augmented Customer Service
8. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Option Credit Account
Department Store
Sales Opportunity Grid
Retail Method of Accounting
9. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Partnership
Operating Expenses
Internet
Routine Decision Making
10. The overall plan or framework of action that guides a retailer
Customer Service
Retail Strategy
Expected Customer Service
Forecasts
11. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Goods/Service Category
Controllable Variables
Wheel of Retailing
Impulse Purchases
12. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Specialty Store
Multi-Channel Retailing
Reverse Logistics
Americans With Disabilities Act
13. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Classification Merchandising
Nongoods Services
Logistics
Consignment Purchase
14. Payments that retailers require of vendors for providing shelf space
Physical Inventory System
Slotting Allowances
Employee Empowerment
Leader Pricing
15. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Specialty Store
Economic Base
Order-Taking Salesperson
Reverse Logistics
16. When manufacturers and wholesales seek to control the retail prices of their goods and services
Semantic Differential
Image
Vertical Price Fixing
Video Kiosk
17. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Compensation
Memorandum Purchase
Case Display
Consignment Purchase
18. Represents the total bundle of benefits offered to consumers through a channel of distribution
Reference Groups
Competition-Oriented Pricing
Retail Promotion
Value Chain
19. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Memorandum Purchase
Gross Margin
Initial Markup
Cooperative Advertising
20. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Prestige Pricing
Box (Limited-Line) Store
Distributed Promotion Effort
Mass Marketing
21. Outlines a retailer's planned expenditures for a given time based on expected performance
Relationship Retailing
Internal Secondary Data
Budgeting
Specialog
22. The criteria used to assess effectiveness
Bottom-Up Space Management Approach
Performance Measures
Franchising
Dollar Control
23. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Hierarchy of Authority
Experiment
Cost-Oriented Pricing
Differentiated Marketing
24. Systematically lists all operating functions to be performed - their characteristics - and their timing
Operations Blueprint
Probability (Random) Sample
Mystery Shoppers
Customer Loyalty
25. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
Customary Pricing
Opportunistic Buying
Electronic Article Surveillance
Yield Management Pricing
26. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Option Credit Account
Want Book (Want Slip)
Specialog
27. 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
Uncontrollable Variables
Direct Product Profitability (DPP)
Reference Groups
28. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Multi-Channel Retailing
Direct Product Profitability (DPP)
Cross-Shopping
Americans With Disabilities Act
29. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Mystery Shoppers
Conventional Supermarket
Experiment
Supercenter
30. 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
Visual Merchandising
Non-probability Sample
Class Consciousness
Graduated Lease
31. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Functional Product Groupings
Bifurcated Retailing
Percentage-of-Sales Method
Reilly's Law of Retailing Gravitation
32. Actively involved with informing and persuading customers in closing sales
Operating Expenses
Neighborhood Business District
Customer Satisfaction
Order-Getting Salesperson
33. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Additional Markup
Inventory Shrinkage
Information Search
Book (Perpetual) Inventory System
34. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Sales Opportunity Grid
Nonstore Retailing
Physical Inventory System
Partnership
35. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Probability (Random) Sample
Factory Outlet
Direct Selling
Retail Method of Accounting
36. 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
Channel of Distribution
Direct Product Profitability (DPP)
Concentrated Marketing
Balanced Tenancy
37. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Cooperative Buying
Exclusive Distribution
Functional Product Groupings
Mass Merchandising
38. The efficiency with which a retail strategy is carried out
Cooperative Buying
Productivity
Business Format Franchising
Category Management
39. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Ease of Entry
Balanced Tenancy
Book (Perpetual) Inventory System
Relationship Retailing
40. 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
Lifestyles
Loss Leaders
Point of Difference
Vertical Retail Audit
41. Used for products needing special handling
Book (Perpetual) Inventory System
Stock Turnover
Personality
Storability Product Groupings
42. A retail firm that is formally incorporated under state law
Open Credit Account
Operations Management
Personality
Corporation
43. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Downsizing
Incremental Budgeting
Economic Base
Value Delivery System
44. 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
Sales Promotion
Personal Selling
Electronic Banking
Retail Information System
45. Suppliers sell through a moderate number of retailers
Personal Selling
Selective Distribution
Variety Store
Solution Selling
46. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Supermarket
Basic Stock List
Scenario Analysis
Strategy Mix
47. 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
Channel Control
Debit Card System
Compensation
Massed Promotion Effort
48. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Image
Dead Areas
Core Customers
Width of Assortment
49. Lets consumers bargain over prices; those who are good at it obtain lower prices
Specialty Store
Strategy Mix
Control
Flexible Pricing
50. Any item a retailer owns with monetary value
Dump Bin
Assets
Model Stock Approach
Straight (Gridiron) Traffic Flow