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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 clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Objective-and-Task Method
Direct Marketing
Financial Merchandise Management
Image
2. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Analog Model
Objectives
Markup Pricing
All-You-Can-Afford Method
3. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Analog Model
Reference Groups
Limited Decision Making
Multiple-Unit Pricing
4. Consists of all the levels of independently owned businesses along a channel of distribution
Cross-Shopping
Vertical Marketing System
Balanced Tenancy
Unit Control
5. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Partnership
Percentage Lease
Control Units
Customer Loyalty
6. Focuses on the sale of tangible phoducts
Experiential Merchandising
Goods Retailing
Maintained Markup
Physical Inventory System
7. Factors having a high relationship with job success are given more weight than others
Corporation
Retailing Concept
Personality
Weighted Application Blank
8. 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
Category Management
Compensation
Zero-Based Budgeting
Multi-Channel Retailing
9. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Neighborhood Shopping Center
Unit Control
Objectives
Convenience Store
10. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Consumer Protection
HRM Process
Ethics
Rented-Goods Services
11. Whereby each department is subdivided into further categories for related types of merchandise
Situation Analysis
Destination Retailer
Controllable Variables
Classification Merchandising
12. Sets the guiding principles for all the merchandise decisions a retailers makes
Liabilities
Consumer Cooperative
Generic Brands
Merchandising Philosophy
13. When a retailer looks at data that are collected to address the specific issue or problem under study
Primary Data
Electronic Data Interchange (EDI)
Visual Merchandising
Independent
14. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Vertical Marketing System
Variable Pricing
Word of Mouth (WOM)
Monthly Sales Index
15. Whereby goods owned by consumers are repaired - improved - or maintained
Vertical Cooperative Advertising Agreement
PMs (Promotional or Push Monies)
Balanced Tenancy
Owned-Goods Services
16. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Marquee
HRM Process
Assortment Display
Product Life Cycle
17. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Direct Store Distribution (DSD)
Positioning
Rack Display
Social Responsibility
18. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Customer Satisfaction
Word of Mouth (WOM)
Personal Selling
Everyday Low Pricing (EDLP)
19. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Merchandise Available for Sale
Percentage Variation Method
Cut Case
Opportunities
20. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Bait-and-Switch Advertising
Social Responsibility
Cooperative Buying
Flea Market
21. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Recruitment
Budgeting
Strategy Mix
Regional Shopping Center
22. The optimum site for a particular store
Horizontal Price Fixing
One-Hundred Percent Location
Multi-Channel Retailing
Vertical Price Fixing
23. Any item a retailer owns with monetary value
Quick Response (QR) Inventory Planning
Electronic Article Surveillance
Assets
Chargebacks
24. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Financial Merchandise Management
Chain
Strategy Mix
Observation
25. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Customary Pricing
Contingency Pricing
Exclusive Distribution
Supervision
26. Whereby suppliers sell through as many retailers as possible
Intensive Distribution
Goal-Oriented Job Description
Perceived Risk
Customary Pricing
27. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
String
Goods Retailing
Multi-Channel Retailing
Memorandum Purchase
28. 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)
Scrambled Merchandising
Manufacturer (national) Brands
Cost of Goods Sold
Yield Management Pricing
29. The customer group sought by a retailer
One-Price Policy
Inventory Shrinkage
Target Marketing
Mystery Shoppers
30. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Internet
Secondary Data
Routine Decision Making
Survey
31. The line of business in which a retailer operates
Massed Promotion Effort
Social Responsibility
Goods/Service Category
Pre-Training
32. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment Merchandise
Supermarket
Owned-Goods Services
Assortment
33. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Fashion Merchandise
Prototype Stores
One-Hundred Percent Location
Class Consciousness
34. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Gross Profit (margin)
String
Human Resource Management
Value Chain
35. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Model Stock Approach
Gap Analysis
Mystery Shoppers
Basic Stock List
36. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Storability Product Groupings
Retail Institution
Open-to-Buy
FIFO (first-in-first-out) Method
37. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Solution Selling
Competition-Oriented Pricing
RFID (radio frequency identification)
Planogram
38. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Canned Sales Presentation
Direct Selling
Private (dealer) Brands
Dollar Control
39. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Retail Balance
Nonstore Retailing
Internal Secondary Data
Depth of Assortment
40. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Robinson-Patman Act
Massed Promotion Effort
Frequency
Vertical Price Fixing
41. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Consumer Decision Process
Cost of Goods Sold
Nongoods Services
Liabilities
42. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Traditional Job Description
Straight (Gridiron) Traffic Flow
Monthly Sales Index
Channel of Distribution
43. Out-of-hometown shopping - is important for both local and surrounding retailers
Trading Area Overlap
Outshopping
Reverse Logistics
Multi-Channel Retailing
44. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Operations Blueprint
Service Retailing
Total Retail Experience
Cognitive Dissonance
45. Determines the floor space necessary to carry and display a proper merchandise assortment
Model Stock Approach
Computerized Checkout
Budgeting
Product/Trademark Franchising
46. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Image
Corporation
Mystery Shoppers
47. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Order-Taking Salesperson
Application Blank
Retail Method of Accounting
Infomercial
48. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Scrambled Merchandising
Assets
Geographical Information System
Yield Management Pricing
49. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Forecasts
Item Price Removal
Ethics
Financial Merchandise Management
50. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Markup Pricing
Inventory Shrinkage
Concentrated Marketing