SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Information Search
Regression Model
Market Segment Product Groupings
Selective Distribution
2. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Opportunity Costs
Competitive Parity Method
Niche Retailing
Order-Getting Salesperson
3. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Dead Areas
Value (retailer)
Consumer Protection
Bait-and-Switch Advertising
4. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Fashion Merchandise
Regional Shopping Center
Opportunistic Buying
Diversification
5. Any item a retailer owns with monetary value
Mystery Shoppers
Food-Based Superstore
Assets
Selective Distribution
6. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Gross Profit (margin)
Probability (Random) Sample
Retailing Concept
Benchmarking
7. Used by retailers that promote seasonally
Massed Promotion Effort
Control
Consumer Protection
Attitudes (Opinions)
8. Shows the expected behavior of a good or service over its life
Warehouse Store
Public Relations
Unit Pricing
Product Life Cycle
9. Includes all the remaining customers - and they are the most widely dispersed
Fringe Trading Area
Discretionary income
Gross Margin
Membership (Warehouse) Club
10. A multi-line firm operating under central ownership
Box (Limited-Line) Store
Case Display
Distributed Promotion Effort
Diversified Retailer
11. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Destination Retailer
Franchising
Non-probability Sample
Customer Loyalty
12. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Direct Store Distribution (DSD)
Social Responsibility
Revolving Credit Account
Reorder Point
13. A memorized - repetitive speech given to all customers interested in a particular item
Neighborhood Shopping Center
Canned Sales Presentation
Employee Empowerment
Yield Management Pricing
14. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Operating Expenditures
Post-Purchase Behavior
Robinson-Patman Act
Retail Organization
15. Payments that retailers require of vendors for providing shelf space
Depth of Assortment
Slotting Allowances
External Secondary Data
Tactics
16. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Ethics
Quick Response (QR) Inventory Planning
Horizontal Cooperative Advertising Agreement
Customary Pricing
17. A retail firm owned by its customer members
Horizontal Retail Audit
Staple Merchandise
Consumer Cooperative
Partnership
18. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Competitive Parity Method
Perceived Risk
Combination Store
Experiment
19. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Term Occupancy
Gap Analysis
Controllable Variables
Micromerchandising
20. Many retail vendors sell a range of products at discount prices in plain surroundings
Huff's Law of Shopper Attraction
Book (Perpetual) Inventory System
Functional Product Groupings
Flea Market
21. Involves an informal ranking of people based on income - occupation - education and other factors
Publicity
Yield Management Pricing
Predatory Pricing
Social Class
22. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Dump Bin
FIFO (first-in-first-out) Method
Traditional Department Store
Convenience Store
23. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Storability Product Groupings
Operations Management
Internet
Human Resource Management
24. 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
Simulation
Outsourcing
Basic Stock Method
Routine Decision Making
25. 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
Staple Merchandise
Price Lining
Loss Leaders
Compensation
26. A case that holds piles of sale clothing - marked down books or other products
Consumer Protection
LIFO (last-in-first-out) Method
Organization Chart
Dump Bin
27. A manufacturer and a retailer or a wholesales and a retailer share an ad
Direct Store Distribution (DSD)
Vertical Cooperative Advertising Agreement
Chain
Channel Control
28. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Intensive Distribution
Control
Total Retail Experience
Ensemble Display
29. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings
Cost of Goods Sold
Markdown
Consumer Behavior
Odd Pricing
30. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Stimulus
Value (retailer)
Electronic Article Surveillance
Net Worth
31. The customer group sought by a retailer
Target Marketing
Sales Promotion
Internal Secondary Data
Evaluation of Alternatives
32. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Item Price Removal
Merchandise Available for Sale
Scrambled Merchandising
Assets
33. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Monthly Sales Index
Cost of Goods Sold
HRM Process
Gap Analysis
34. Doubt that the correct decision has been made
Cognitive Dissonance
Vendor-Managed Inventory (VMI)
Physical Inventory System
Maintenance-Increase-Recoupment Lease
35. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Value Delivery System
Merchandising
Floor-Ready Merchandise
Direct Product Profitability (DPP)
36. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Outsourcing
Owned-Goods Services
Experiential Merchandising
Cut Case
37. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Nonstore Retailing
Retail Promotion
Everyday Low Pricing (EDLP)
Objectives
38. An inexpensive display that leaves merchandise in the original carton
Cut Case
Trading Area
Affinity
Assortment Display
39. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Bottom-Up Space Management Approach
Strategy Mix
Ethics
Financial Merchandise Management
40. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Gross Margin
Assortment Merchandise
Classification Merchandising
Leader Pricing
41. The mix of stores within a district or shopping center
Training Programs
Vertical Price Fixing
Retail Balance
Point-of-Purchase Display
42. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
PMs (Promotional or Push Monies)
Exclusive Distribution
Goods Retailing
Cut Case
43. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Slotting Allowances
Value (retailer)
Staple Merchandise
Contingency Pricing
44. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Retail Balance
Retail Institution
Generic Brands
Inventory Management
45. Financial obligations a retailer incurs in operating a business
Customary Pricing
Liabilities
Price Lining
Traditional Job Description
46. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Limited Decision Making
Computerized Checkout
Price Lining
Net Sales
47. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Micromerchandising
Atmosphere (atmospherics)
Goods/Service Category
Horizontal Price Fixing
48. Refers to the number of distinct goods/services categories (product lines) a retailer carries
HRM Process
Width of Assortment
Downsizing
Uncontrollable Variables
49. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Evaluation of Alternatives
Channel of Distribution
Functional Product Groupings
Supermarket
50. 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
Customer Satisfaction
Geographical Information System
Total Retail Experience
Stimulus