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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 charges the same price to all customers buying an item under similar conditions
One-Price Policy
Price Elasticity of Demand
Supermarket
Intensive Distribution
2. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Internet
Revolving Credit Account
Basic Stock Method
Vertical Cooperative Advertising Agreement
3. The criteria used to assess effectiveness
Data-Base Management
Performance Measures
Regional Shopping Center
Direct Selling
4. the drive within people to attain work-related goals - can be positive or negative
Publicity
Job Motivation
Family Life Cycle
Retail Audit
5. 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
Uncontrollable Variables
Never-Out List
PMs (Promotional or Push Monies)
Semantic Differential
6. 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
Direct Marketing
Private (dealer) Brands
Option Credit Account
7. Systematically lists all operating functions to be performed - their characteristics - and their timing
Operations Blueprint
Central Business District
Private (dealer) Brands
Cost of Goods Sold
8. 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
Experiential Merchandising
Flea Market
Retail Promotion
9. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Chargebacks
Mass Marketing
Data-Base Retailing
Basic Stock Method
10. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Operations Blueprint
Bottom-Up Space Management Approach
Data Mining
Neighborhood Business District
11. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Battle of the Brands
Scenario Analysis
Operating Expenditures
Affinity
12. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Equal Store Organization
Want Book (Want Slip)
Extended Decision Making
Dead Areas
13. When a retailer looks at data that are collected to address the specific issue or problem under study
Power Center
Household Life Cycle
Issue (problem) Definition
Primary Data
14. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Loss Leaders
Financial Merchandise Management
Solution Selling
Image
15. Whereby each department is subdivided into further categories for related types of merchandise
Social Class
Department Store
Classification Merchandising
Scrambled Merchandising
16. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Expected Customer Service
Food-Based Superstore
Application Blank
17. 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
Power Center
Customary Pricing
Supervision
Sorting Process
18. When manufacturers and wholesales seek to control the retail prices of their goods and services
Vertical Price Fixing
Basic Stock Method
Theme-Setting Display
Slotting Allowances
19. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Job Analysis
Exclusive Distribution
Percentage-of-Sales Method
Retail Promotion
20. A retailers best customers
Incremental Method
Ease of Entry
Core Customers
Top-Down Space Management Approach
21. Information is systematically gathered from respondents by communicating with them
Expected Customer Service
Private (dealer) Brands
Probability (Random) Sample
Survey
22. 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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23. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Destination Retailer
Assets
Routine Decision Making
Cross-Merchandising
24. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Americans With Disabilities Act
Goods/Service Category
Differentiated Marketing
Marquee
25. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Destination Retailer
Nongoods Services
Cross-Merchandising
All-You-Can-Afford Method
26. Refers to the variety in any one good/service (product line) a retailer carries
Planogram
Convenience Store
Generic Brands
Depth of Assortment
27. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
FIFO (first-in-first-out) Method
Traditional Department Store
Operating Expenditures
Manufacturer (national) Brands
28. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Assortment Merchandise
Consumer Loyalty (Frequent Shopper) Programs
Specialog
Neighborhood Business District
29. Involve the combination of separately owned retail firms
Community Shopping Center
Operations Blueprint
Mergers
Mazur Plan
30. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Ease of Entry
Rationalized Retailing
Observation
Supply Chain
31. Whereby franchisors limit franchisee involvement in the strategic planning process
Infomercial
Dump Bin
Multi-Channel Retailing
Constrained Decision Making
32. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Open-to-Buy
Case Display
Maintenance-Increase-Recoupment Lease
Multi-Channel Retailing
33. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Horizontal Price Fixing
Multi-Channel Retailing
Reorder Point
Opportunities
34. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Micromerchandising
Need-Satisfaction Approach
Retail Institution
Retailing
35. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Dump Bin
Strategy Mix
Niche Retailing
Never-Out List
36. Influence people's thought and behavior such as families - aspirational groups and membership groups
Reference Groups
Evaluation of Alternatives
Retail Organization
Net Sales
37. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Traditional Department Store
Minimum-Price Laws
Percentage Lease
Competitive Parity Method
38. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Consignment Purchase
Width of Assortment
Issue (problem) Definition
Theme-Setting Display
39. The number of distinct people exposed to a retailers promotion efforts in a specific period
Customary Pricing
Mass Marketing
Reach
Hierarchy of Effects
40. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Bifurcated Retailing
Family Life Cycle
Point of Difference
Flexible Pricing
41. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Incremental Method
Sales Opportunity Grid
Loss Leaders
Post-Purchase Behavior
42. Consists of all the levels of independently owned businesses along a channel of distribution
Vertical Marketing System
Vertical Cooperative Advertising Agreement
Reach
Functional Product Groupings
43. Actively involved with informing and persuading customers in closing sales
Order-Getting Salesperson
Attitudes (Opinions)
One-Price Policy
Functional Product Groupings
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
Retail Information System
Relationship Retailing
Horizontal Retail Audit
Objectives
45. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Training Programs
Solution Selling
Direct Store Distribution (DSD)
Universal Product Code (UPC)
46. Logically assumes old merchandise is sold first - while newer items remain in inventory
Operations Management
Horizontal Price Fixing
Massed Promotion Effort
FIFO (first-in-first-out) Method
47. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Physical Inventory System
Compensation
Net Worth
Retailing Concept
48. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Efficient Consumer Response (ECR)
Motives
Marquee
Memorandum Purchase
49. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Direct Marketing
Horizontal Price Fixing
One-Hundred Percent Location
Augmented Customer Service
50. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Item Price Removal
Post-Purchase Behavior
Flexible Pricing
Chain