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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. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Prestige Pricing
Variable Pricing
Nongoods Services
Competition-Oriented Pricing
2. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Consumer Behavior
Unit Control
Storability Product Groupings
Retail Strategy
3. 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
Unit Pricing
Data Warehousing
Core Customers
4. Depicts a product offering in a thematic manner and sets a specific mood
Basic Stock Method
Quick Response (QR) Inventory Planning
Theme-Setting Display
Consumer Protection
5. An unincorporated retail firm owned by one person
Expected Customer Service
Sole Proprietorship
Business Format Franchising
Item Price Removal
6. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
One-Hundred Percent Location
Box (Limited-Line) Store
Private (dealer) Brands
Term Occupancy
7. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Customary Pricing
Percentage-of-Sales Method
Price Elasticity of Demand
Franchising
8. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Central Business District
Concentrated Marketing
Sales Opportunity Grid
Minimum-Price Laws
9. The extent to which a person desires and pursues social status
Diversified Retailer
Horizontal Price Fixing
Automatic Reordering System
Class Consciousness
10. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Cost-Oriented Pricing
Percentage-of-Sales Method
Trading Area Overlap
Memorandum Purchase
11. Involves an informal ranking of people based on income - occupation - education and other factors
Primary Data
Social Class
Private (dealer) Brands
Concentrated Marketing
12. Influence people's thought and behavior such as families - aspirational groups and membership groups
Reference Groups
Inventory Shrinkage
Consumer Behavior
Bait-and-Switch Advertising
13. A large - planned shopping facility appealing to a geographically dispersed market
Retailing
Electronic Article Surveillance
Regional Shopping Center
Cost of Goods Sold
14. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Memorandum Purchase
Experiential Merchandising
Channel Control
Personality
15. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Micromerchandising
Opportunities
Mass Marketing
Vending Machine
16. The form of research in which present behavior or the results of past behavior are noted and recorded
Combination Store
Observation
Uncontrollable Variables
Dump Bin
17. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Rented-Goods Services
Category Killer
Multi-Channel Retailing
Weeks' Supply Method
18. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Non-probability Sample
Simulation
Secondary Business District (SBD)
LIFO (last-in-first-out) Method
19. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Stock-to-Sales Method
Price Lining
Solution Selling
Culture
20. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Community Shopping Center
Cooperative Advertising
Predatory Pricing
Impulse Purchases
21. Where the same customers are served by both branches
Reilly's Law of Retailing Gravitation
Retail Method of Accounting
Dump Bin
Trading Area Overlap
22. Money left after paying taxes and buying necessities
One-Hundred Percent Location
Ensemble Display
Stimulus
Discretionary income
23. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Feedback
Geographical Information System
Pre-Training
Straight (Gridiron) Traffic Flow
24. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Threats
HRM Process
Reference Groups
One-Hundred Percent Location
25. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Video Kiosk
Memorandum Purchase
Word of Mouth (WOM)
Gross Profit (margin)
26. Describes how traditional family moves from bachelorhood to children to solitary retirement
Independent
Data Warehousing
Resident Buying Office
Family Life Cycle
27. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Item Price Removal
Retail Audit
Weighted Application Blank
Organization Chart
28. A listing of bipolar adjectives scales
Direct Marketing
Organizational Mission
Semantic Differential
Price Elasticity of Demand
29. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
External Secondary Data
Probability (Random) Sample
Problem Awareness
30. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Horizontal Price Fixing
Customer Satisfaction
Gross Margin
Exclusive Distribution
31. Ways in which individual consumers and families live and spend time and money
Lifestyles
Primary Data
Sales Opportunity Grid
Experiential Merchandising
32. Beginning inventory - purchases - and transportation charges equal the cost of this
Flea Market
Depth of Assortment
Family Life Cycle
Merchandise Available for Sale
33. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Specialog
Open Credit Account
Opportunity Costs
Problem Awareness
34. A cash or card operated retailing format that dispenses goods and services
Open-to-Buy
Vending Machine
Incremental Budgeting
Assortment
35. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
HRM Process
Open-to-Buy
Planogram
Internal Secondary Data
36. Consists of products that sell well over nonconsecutive time periods
Seasonal Merchandise
Specialty Store
Traditional Department Store
Scrambled Merchandising
37. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Prototype Stores
Retail Promotion
Width of Assortment
Demand-Oriented Pricing
38. Represents the total bundle of benefits offered to consumers through a channel of distribution
Value Chain
Curing (Free-Flowing) Traffic Flow
Percentage Lease
Reverse Logistics
39. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Cognitive Dissonance
Household Life Cycle
Resident Buying Office
Variable Pricing
40. Occurs when one consumer talks to others; can build a chain of customers
Word of Mouth (WOM)
Sales Opportunity Grid
Household Life Cycle
Minimum-Price Laws
41. The criteria used to assess effectiveness
Performance Measures
Pre-Training
Mazur Plan
Neighborhood Business District
42. Embodied by a series of activities and processes that provides a certain value for the consumer
Publicity
Value (retailer)
Resident Buying Office
Retail Strategy
43. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Mass Marketing
Bifurcated Retailing
Downsizing
Internet
44. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Net Worth
Micromerchandising
Motives
Weeks' Supply Method
45. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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46. Doubt that the correct decision has been made
Cognitive Dissonance
Battle of the Brands
Cooperative Buying
Geographical Information System
47. An unincorporated retail firm owned by two or more persons - each with a financial interest
Market Segment Product Groupings
Logistics
Lifestyle Center
Partnership
48. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Independent
Massed Promotion Effort
Value (customer)
Vertical Price Fixing
49. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Contingency Pricing
Rented-Goods Services
Width of Assortment
Purchase Act
50. 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
Analog Model
Purchase Motivation Product Groupings
Predatory Pricing
Goods/Service Category