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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 retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Dump Bin
Outsourcing
Pre-Training
Extended Decision Making
2. 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
Lifestyles
Single-Channel Retailing
Analog Model
Electronic Data Interchange (EDI)
3. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Vertical Retail Audit
Price Elasticity of Demand
Demographics
4. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
External Secondary Data
Forecasts
Limited Decision Making
Public Relations
5. 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
Constrained Decision Making
Incremental Method
PMs (Promotional or Push Monies)
Vertical Retail Audit
6. A large - planned shopping facility appealing to a geographically dispersed market
Customer Service
Regional Shopping Center
Variety Store
Retail Life Cycle
7. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Exclusive Distribution
Massed Promotion Effort
Horizontal Retail Audit
Supply Chain
8. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Box (Limited-Line) Store
Forecasts
Seasonal Merchandise
Customary Pricing
9. Money left after paying taxes and buying necessities
Intensive Distribution
Household Life Cycle
Supervision
Discretionary income
10. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Service Retailing
Customary Pricing
Scrambled Merchandising
Positioning
11. A type of retail institution in which a retailers owns one retail unit
Independent
Solution Selling
Consumer Loyalty (Frequent Shopper) Programs
Situation Analysis
12. 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
Percentage Lease
Data Mining
Food-Based Superstore
Data-Base Management
13. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Fashion Merchandise
Probability (Random) Sample
Mass Marketing
Strategy Mix
14. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
World Wide Web
Ethics
Infomercial
Category Management
15. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
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16. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Data Mining
Equal Store Organization
Total Retail Experience
Order-Taking Salesperson
17. A memorized - repetitive speech given to all customers interested in a particular item
Productivity
Option Credit Account
Canned Sales Presentation
One-Hundred Percent Location
18. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Odd Pricing
One-Price Policy
Customer Satisfaction
Point-of-Purchase Display
19. Projections of expected retail sales for given periods
Employee Empowerment
Demand-Oriented Pricing
Order-Getting Salesperson
Forecasts
20. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Value (retailer)
Conventional Supermarket
Scenario Analysis
Demographics
21. A retailers commitment to a type of business and to a distinctive role in the marketplace
Infomercial
Organizational Mission
Training Programs
Specialog
22. Consumers feel high prices connote high quality and low prices connote low quality
Revolving Credit Account
Price-Quality Association
Class Consciousness
Sole Proprietorship
23. Relates to the quantites of merchandise a retailer handles during a stated period
Dead Areas
Top-Down Space Management Approach
Retail Institution
Unit Control
24. The service level that customers want to receive from any retailer - such as basic employee courtesy
Objectives
Retail Strategy
Expected Customer Service
Net Sales
25. Sets the guiding principles for all the merchandise decisions a retailers makes
Merchandising Philosophy
Supercenter
Assortment
Marketing Research In Retailing
26. Involve the combination of separately owned retail firms
Curing (Free-Flowing) Traffic Flow
Mergers
Neighborhood Shopping Center
Downsizing
27. Determines the floor space necessary to carry and display a proper merchandise assortment
Frequency
Assets
Model Stock Approach
Loss Leaders
28. When a retailer looks at data that are collected to address the specific issue or problem under study
Neighborhood Business District
Relationship Retailing
Primary Data
Financial Merchandise Management
29. Outlines a retailer's planned expenditures for a given time based on expected performance
Budgeting
Personality
Probability (Random) Sample
Retail Audit
30. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Pre-Training
Consumer Protection
Lifestyle Center
31. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Vertical Price Fixing
Fashion Merchandise
Retail Institution
Retail Promotion
32. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Straight (Gridiron) Traffic Flow
Multi-Channel Retailing
Sorting Process
Retailing
33. Involves an informal ranking of people based on income - occupation - education and other factors
Demand-Oriented Pricing
Slotting Allowances
Social Class
Bottom-Up Space Management Approach
34. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Outsourcing
Sales Promotion
Fringe Trading Area
Human Resource Management
35. Where a consumer must pay the bill in full when it is due
Stimulus
Open Credit Account
Percentage Variation Method
Organizational Mission
36. The difference between net sales and the total cost of goods sold
Mazur Plan
Gross Margin
Trading Area
Affinity
37. Out-of-hometown shopping - is important for both local and surrounding retailers
Retail Balance
Outshopping
Expected Customer Service
Productivity
38. 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
Option Credit Account
Marketing Research In Retailing
Efficient Consumer Response (ECR)
Primary Data
39. The customer group sought by a retailer
Target Marketing
Operations Blueprint
Publicity
Reach
40. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Competitive Parity Method
Product/Trademark Franchising
Nongoods Services
Convenience Store
41. Typically supervises the on-floor selling and operational activities for a specific retail department
Outshopping
Sales Manager
Food-Based Superstore
Canned Sales Presentation
42. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Cooperative Buying
Electronic Data Interchange (EDI)
Retail Institution
Never-Out List
43. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Secondary Trading Area
Assets
Storefront
Supercenter
44. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Competition-Oriented Pricing
Computerized Checkout
Sales Opportunity Grid
Demographics
45. Depicts a product offering in a thematic manner and sets a specific mood
Perceived Risk
Customer Loyalty
Theme-Setting Display
Need-Satisfaction Approach
46. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Customer Satisfaction
Assortment Merchandise
Book (Perpetual) Inventory System
Strategy Mix
47. A manufacturer and a retailer or a wholesales and a retailer share an ad
Vertical Cooperative Advertising Agreement
Consumer Decision Process
Storefront
Retail Information System
48. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Mass Merchandising
Opportunistic Buying
Factory Outlet
Destination Retailer
49. The manner of providing a job environment that encourages employee accomplishment
Supervision
Organizational Mission
Reorder Point
Scenario Analysis
50. A retail firm owned by its customer members
Option Credit Account
Maintenance-Increase-Recoupment Lease
Consumer Cooperative
Net Lease