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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 retailer wants to maintain a specified ratio of goods on hand to sales
Culture
Product Life Cycle
Stock-to-Sales Method
Trading Area
2. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Core Customers
Debit Card System
Product/Trademark Franchising
Fashion Merchandise
3. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Basic Stock Method
Horizontal Retail Audit
Marketing Research In Retailing
Direct Marketing
4. Based on the original retail value assigned to merchandise less the costs of the merchandise
Initial Markup
Selective Distribution
Geographical Information System
FIFO (first-in-first-out) Method
5. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Item Price Removal
Dollar Control
Retail Promotion
Revolving Credit Account
6. 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
Micromarketing
Supermarket
Contingency Pricing
Data Mining
7. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Corporation
Physical Inventory System
Operating Expenses
Direct Marketing
8. The line of business in which a retailer operates
Goods/Service Category
Floor-Ready Merchandise
Electronic Point of Sale System
Motives
9. 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
Word of Mouth (WOM)
Impulse Purchases
Basic Stock List
Purchase Act
10. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Survey
Percentage Lease
Problem Awareness
Job Analysis
11. Graphically displays its hierarchical relationships created by a retailer
Storefront
Regional Shopping Center
Organization Chart
Merchandising
12. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Model Stock Approach
Predatory Pricing
Mass Merchandising
Augmented Customer Service
13. Objective - quantifiable - easily identifiable and measurable population data
Demographics
Culture
Markup Pricing
Rented-Goods Services
14. 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 Product Profitability (DPP)
Intensive Distribution
Goods Retailing
Tactics
15. The positive - neutral or negative feelings a person has about different topics
World Wide Web
Performance Measures
Attitudes (Opinions)
Dead Areas
16. Information is systematically gathered from respondents by communicating with them
Expected Customer Service
Survey
Width of Assortment
Data-Base Management
17. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Personality
Situation Analysis
Automatic Reordering System
Point-of-Purchase Display
18. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Post-Purchase Behavior
Attitudes (Opinions)
Goods Retailing
Opportunity Costs
19. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Membership (Warehouse) Club
Augmented Customer Service
Canned Sales Presentation
Objective-and-Task Method
20. Factors having a high relationship with job success are given more weight than others
Incremental Method
Weighted Application Blank
Target Marketing
Vertical Cooperative Advertising Agreement
21. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Wheel of Retailing
Demand-Oriented Pricing
Basic Stock List
Dead Areas
22. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Supply Chain
Bait-and-Switch Advertising
Consignment Purchase
Generic Brands
23. 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
Consumer Loyalty (Frequent Shopper) Programs
Visual Merchandising
Experiment
Regression Model
24. Whereby goods owned by consumers are repaired - improved - or maintained
Budgeting
Vending Machine
Owned-Goods Services
Retail Balance
25. Represents the total bundle of benefits offered to consumers through a channel of distribution
Theme-Setting Display
Value Chain
Performance Measures
Slotting Allowances
26. 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
Controllable Variables
Incremental Budgeting
Semantic Differential
27. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Organizational Mission
Personality
Width of Assortment
Retail Life Cycle
28. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
Gross Profit (margin)
Compensation
Experiment
29. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Reverse Logistics
Value (retailer)
Consumer Behavior
Traditional Job Description
30. Places together various items that appeal to a given target market
Market Segment Product Groupings
Quick Response (QR) Inventory Planning
Customer Service
Cost-Oriented Pricing
31. Takes a customer-centered approach and presents "solutions" rather than "products"
Competition-Oriented Pricing
Solution Selling
Box (Limited-Line) Store
Survey
32. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Primary Trading Area
Opportunity Costs
Data Warehousing
Order-Taking Salesperson
33. Whereby consumers lease and use goods for specified periods of time
Specialty Store
Product Life Cycle
Rented-Goods Services
Incremental Method
34. A memorized - repetitive speech given to all customers interested in a particular item
Massed Promotion Effort
Electronic Article Surveillance
Canned Sales Presentation
Intensive Distribution
35. Takes place when the consumer buys out of habit and skips steps in the purchase process
Routine Decision Making
Uncontrollable Variables
Scrambled Merchandising
Employee Empowerment
36. 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
Computerized Checkout
Slotting Allowances
Community Shopping Center
Operations Blueprint
37. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Lifestyles
Retail Method of Accounting
Concentrated Marketing
Trading Area
38. A retailers commitment to a type of business and to a distinctive role in the marketplace
Electronic Banking
Straight (Gridiron) Traffic Flow
Visual Merchandising
Organizational Mission
39. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Dollar Control
Perceived Risk
Dump Bin
Retail Information System
40. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Issue (problem) Definition
All-You-Can-Afford Method
Fringe Trading Area
Value Chain
41. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Application Blank
Corporation
Recruitment
Control
42. The merchandise categories for which data are gathered
Organizational Mission
Hierarchy of Authority
Core Customers
Control Units
43. Embodied by a series of activities and processes that provides a certain value for the consumer
Neighborhood Business District
Weeks' Supply Method
Value (retailer)
Cross-Merchandising
44. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Canned Sales Presentation
Retail Information System
Cooperative Advertising
Assortment Display
45. Zeroing in on one specific group
Concentrated Marketing
Dump Bin
Application Blank
Variety Store
46. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Curing (Free-Flowing) Traffic Flow
World Wide Web
Weighted Application Blank
Neighborhood Shopping Center
47. A type of retail institution that is a department in a retail store that is rented to an outside party
Leased Department
Assortment Display
Combination Store
Business Format Franchising
48. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
PMs (Promotional or Push Monies)
Vertical Marketing System
Video Kiosk
Operations Management
49. The difference between net sales and the total cost of goods sold
Ensemble Display
Traditional Job Description
Gross Margin
Expected Customer Service
50. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Marquee
Internet
Retailing
Contingency Pricing