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Test your basic knowledge |
Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. 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
Manufacturer (national) Brands
Merchandising
Destination Retailer
Prestige Pricing
2. Whereby suppliers sell through as many retailers as possible
Debit Card System
Maintenance-Increase-Recoupment Lease
Intensive Distribution
Mergers
3. Determines the floor space necessary to carry and display a proper merchandise assortment
Model Stock Approach
Primary Trading Area
Outsourcing
Bait-and-Switch Advertising
4. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Lifestyle Center
Traditional Department Store
Consumer Protection
Job Analysis
5. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Contingency Pricing
Equal Store Organization
External Secondary Data
Supply Chain
6. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Benchmarking
Motives
Loss Leaders
Physical Inventory System
7. 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)
Public Relations
Yield Management Pricing
Core Customers
Rationalized Retailing
8. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Item Price Removal
Value Chain
Data Warehousing
Primary Trading Area
9. Every store - product - or customer has an equal or known chance of being chosen for a study
Opportunistic Buying
Advertising
Probability (Random) Sample
Gap Analysis
10. The sum total of an individuals traits - which make that individual unique
Employee Empowerment
Control Units
Supervision
Personality
11. Competition between manufacturers and retailers for shelf space and profits
Leader Pricing
Width of Assortment
Consumer Loyalty (Frequent Shopper) Programs
Battle of the Brands
12. Involve the combination of separately owned retail firms
Mergers
Revolving Credit Account
Organization Chart
Trading Area Overlap
13. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Power Center
Yield Management Pricing
Secondary Data
14. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Infomercial
Physical Inventory System
Retail Strategy
Need-Satisfaction Approach
15. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Equal Store Organization
Feedback
Prestige Pricing
16. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Traditional Department Store
Direct Marketing
Niche Retailing
17. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Affinity
Seasonal Merchandise
Image
Percentage-of-Sales Method
18. 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
Everyday Low Pricing (EDLP)
Analog Model
Ease of Entry
Intensive Distribution
19. Assumes new merchandise is sold first - while older stock remains in inventory
Niche Retailing
Storefront
Consumer Protection
LIFO (last-in-first-out) Method
20. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Factory Outlet
Threats
Post-Purchase Behavior
String
21. 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
Objective-and-Task Method
Positioning
Merchandising
Tactics
22. The difference between net sales and the total cost of goods sold
Graduated Lease
Image
Retail Information System
Gross Margin
23. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Control
Monthly Sales Index
Competitive Parity Method
Forecasts
24. A retailers carries complementary goods and services to encourage shoppers to buy more
Consignment Purchase
Never-Out List
Cross-Merchandising
Marquee
25. 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
Value Chain
Exclusive Distribution
Organization Chart
Data Mining
26. A merchandising technique that some firms use to improve productivity
Seasonal Merchandise
Data Mining
Semantic Differential
Category Management
27. A retail firm owned by its customer members
Ethics
Neighborhood Shopping Center
Consumer Cooperative
Need-Satisfaction Approach
28. Takes place when the consumer buys out of habit and skips steps in the purchase process
Vertical Price Fixing
Routine Decision Making
Leased Department
Hierarchy of Authority
29. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Convenience Store
Direct Product Profitability (DPP)
Want Book (Want Slip)
Vendor-Managed Inventory (VMI)
30. An unincorporated retail firm owned by two or more persons - each with a financial interest
Advertising
Partnership
Threats
Exclusive Distribution
31. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Sorting Process
Floor-Ready Merchandise
Personal Selling
Post-Purchase Behavior
32. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Cross-Merchandising
Uncontrollable Variables
Balanced Tenancy
Recruitment
33. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Ethics
Problem Awareness
Functional Product Groupings
Differentiated Marketing
34. Represents the total bundle of benefits offered to consumers through a channel of distribution
Advertising
Option Credit Account
Product/Trademark Franchising
Value Chain
35. Factors having a high relationship with job success are given more weight than others
Niche Retailing
Business Format Franchising
Weighted Application Blank
Family Life Cycle
36. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
One-Price Policy
Exclusive Distribution
Discretionary income
Uncontrollable Variables
37. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
Visual Merchandising
Employee Empowerment
Cost of Method Accounting
Outshopping
38. The form of research in which present behavior or the results of past behavior are noted and recorded
Observation
Consumer Loyalty (Frequent Shopper) Programs
Food-Based Superstore
Ease of Entry
39. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Purchase Act
Internet
Flexible Pricing
Top-Down Space Management Approach
40. A retailers commitment to a type of business and to a distinctive role in the marketplace
Retail Information System
Organizational Mission
String
Secondary Data
41. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Secondary Trading Area
Financial Merchandise Management
Robinson-Patman Act
Scenario Analysis
42. Whereby prices are marked only on shelves or signs and not on individual items
Customer Satisfaction
Item Price Removal
Sales Manager
Electronic Point of Sale System
43. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Goods Retailing
Multi-Channel Retailing
Massed Promotion Effort
Box (Limited-Line) Store
44. 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
Flea Market
Opportunistic Buying
Control
Geographical Information System
45. 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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46. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Human Resource Management
Information Search
Resident Buying Office
Cost of Method Accounting
47. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Outshopping
Organization Chart
Percentage Lease
Value (retailer)
48. Concentrates on selling one goods or service line - such as young women's apparel
Specialty Store
Resident Buying Office
Open Credit Account
Operating Expenses
49. The activity whereby a retailer generates a list of job applicants
Markdown
Recruitment
Regional Shopping Center
Advertising
50. Where a consumer must pay the bill in full when it is due
Secondary Trading Area
Competitive Parity Method
Single-Channel Retailing
Open Credit Account
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