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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. Embodied by a series of activities and processes that provides a certain value for the consumer
Purchase Motivation Product Groupings
Differentiated Marketing
Routine Decision Making
Value (retailer)
2. 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
Customer Service
Community Shopping Center
Convenience Store
Ethics
3. 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
Sole Proprietorship
Infomercial
External Secondary Data
Data Mining
4. Whereby suppliers sell through as many retailers as possible
Reach
Rack Display
Price-Quality Association
Intensive Distribution
5. The overall plan or framework of action that guides a retailer
Tactics
Taxes
Observation
Retail Strategy
6. Payments that retailers require of vendors for providing shelf space
Slotting Allowances
Lifestyle Center
Nongoods Services
Bait-and-Switch Advertising
7. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Reilly's Law of Retailing Gravitation
Markdown
Channel Control
Threats
8. 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)
Supermarket
Objective-and-Task Method
Performance Measures
Micromarketing
9. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Micromerchandising
Contingency Pricing
Threats
Fashion Merchandise
10. A merchandising technique that some firms use to improve productivity
Category Management
Frequency
Cut Case
Destination Retailer
11. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Ethics
Regression Model
Concentrated Marketing
Evaluation of Alternatives
12. 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
Universal Product Code (UPC)
Mazur Plan
Manufacturer (national) Brands
Fashion Merchandise
13. 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
Vertical Retail Audit
Assortment Merchandise
One-Hundred Percent Location
Percentage Variation Method
14. Beginning inventory - purchases - and transportation charges equal the cost of this
Option Credit Account
Merchandise Available for Sale
Automatic Reordering System
Maintained Markup
15. Ways in which individual consumers and families live and spend time and money
Household Life Cycle
Lifestyles
Markdown
Box (Limited-Line) Store
16. When a retailer acts in the best interests of society - as well as itself
Predatory Pricing
Equal Store Organization
Social Responsibility
Mass Merchandising
17. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Prototype Stores
Stock-to-Sales Method
Percentage Lease
Compensation
18. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Total Retail Experience
Horizontal Cooperative Advertising Agreement
Width of Assortment
Yield Management Pricing
19. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Image
Opportunity Costs
Sales-Productivity Ratio
Hierarchy of Authority
20. 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
Destination Retailer
Horizontal Retail Audit
Channel Control
Retail Method of Accounting
21. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Consumer Decision Process
Floor-Ready Merchandise
Quick Response (QR) Inventory Planning
Attitudes (Opinions)
22. A type of retail institution that is a department in a retail store that is rented to an outside party
Diversification
External Secondary Data
Leased Department
Merchandising
23. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Post-Purchase Behavior
Destination Retailer
Monthly Sales Index
Equal Store Organization
24. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Financial Merchandise Management
Merchandise Available for Sale
Customary Pricing
Never-Out List
25. Whereby a retailers sells to consumers through multiple retail formats
Multi-Channel Retailing
Community Shopping Center
Exclusive Distribution
Reorder Point
26. Depicts a product offering in a thematic manner and sets a specific mood
Storability Product Groupings
Sorting Process
Problem Awareness
Theme-Setting Display
27. Available from sources outside the firm
Data Warehousing
Hidden Assets
External Secondary Data
Word of Mouth (WOM)
28. 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
Personality
Specialog
Semantic Differential
Bait-and-Switch Advertising
29. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Job Analysis
Price Lining
Operations Blueprint
Multi-Channel Retailing
30. Information is systematically gathered from respondents by communicating with them
Consumer Behavior
Survey
Regression Model
Weighted Application Blank
31. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Internal Secondary Data
Stimulus
Basic Stock List
Percentage-of-Sales Method
32. Short-term selling and administrative costs in running a business
Operating Expenditures
Assortment
Control Units
Cooperative Buying
33. Lets consumers bargain over prices; those who are good at it obtain lower prices
Case Display
Warehouse Store
Flexible Pricing
Service Retailing
34. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Multi-Channel Retailing
Market Segment Product Groupings
Post-Purchase Behavior
Mass Merchandising
35. The manner of providing a job environment that encourages employee accomplishment
Perceived Risk
Supervision
Stock-to-Sales Method
Economic Base
36. Consists of products that sell well over nonconsecutive time periods
Supermarket
Power Center
Constrained Decision Making
Seasonal Merchandise
37. A multi-line firm operating under central ownership
Augmented Customer Service
Productivity
Diversified Retailer
Gross Profit (margin)
38. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Traditional Job Description
Box (Limited-Line) Store
Consumer Loyalty (Frequent Shopper) Programs
Unit Pricing
39. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Target Marketing
Sales Promotion
Net Lease
Purchase Motivation Product Groupings
40. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Gravity Model
Regression Model
Percentage Lease
Opportunistic Buying
41. 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
Organizational Mission
Retail Method of Accounting
Strategy Mix
Sorting Process
42. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Want Book (Want Slip)
Cut Case
Employee Empowerment
Fashion Merchandise
43. 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
Reference Groups
RFID (radio frequency identification)
Selective Distribution
44. Assumes new merchandise is sold first - while older stock remains in inventory
Retail Institution
LIFO (last-in-first-out) Method
Multi-Channel Retailing
Job Motivation
45. Concentrates on selling one goods or service line - such as young women's apparel
Job Motivation
Specialty Store
Information Search
World Wide Web
46. Out-of-hometown shopping - is important for both local and surrounding retailers
Outshopping
Open-to-Buy
Hierarchy of Authority
Intensive Distribution
47. Selling goods and services to a broad spectrum of consumers
Mass Marketing
Attitudes (Opinions)
Lifestyle Center
Functional Product Groupings
48. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Rack Display
Cross-Shopping
Scrambled Merchandising
Contingency Pricing
49. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Video Kiosk
Constrained Decision Making
Width of Assortment
50. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Impulse Purchases
Cross-Shopping
Post-Purchase Behavior
Niche Retailing