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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. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Rented-Goods Services
Assortment Merchandise
Operations Management
Exclusive Distribution
2. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Central Business District
Solution Selling
Fad Merchandise
Prototype Stores
3. The mix of stores within a district or shopping center
Impulse Purchases
Retail Balance
Problem Awareness
Regional Shopping Center
4. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Benchmarking
Percentage-of-Sales Method
Basic Stock List
Positioning
5. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Application Blank
Reorder Point
Constrained Decision Making
Cross-Shopping
6. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Nonstore Retailing
Exclusive Distribution
Dump Bin
PMs (Promotional or Push Monies)
7. Consists of the regular products carried by a retailer
Performance Measures
Staple Merchandise
Operating Expenses
Outsourcing
8. 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
Channel of Distribution
Retail Organization
Job Motivation
Horizontal Retail Audit
9. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Variety Store
Reach
Fringe Trading Area
Assortment
10. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Regional Shopping Center
Intensive Distribution
Cooperative Advertising
Sales-Productivity Ratio
11. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Automatic Reordering System
Video Kiosk
Opportunity Costs
Leader Pricing
12. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Incremental Budgeting
Perceived Risk
Vertical Cooperative Advertising Agreement
Atmosphere (atmospherics)
13. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Mystery Shoppers
Zero-Based Budgeting
Video Kiosk
Feedback
14. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Weeks' Supply Method
Cost of Goods Sold
Discretionary income
Box (Limited-Line) Store
15. 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
Electronic Article Surveillance
Slotting Allowances
Owned-Goods Services
Leader Pricing
16. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Zero-Based Budgeting
Customer Service
Secondary Business District (SBD)
Top-Down Space Management Approach
17. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Opportunity Costs
Battle of the Brands
Regression Model
Cost-Oriented Pricing
18. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Debit Card System
Simulation
Monthly Sales Index
Channel of Distribution
19. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Taxes
Single-Channel Retailing
Yield Management Pricing
Inventory Management
20. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Trading Area Overlap
Lifestyles
Extended Decision Making
Augmented Customer Service
21. Systematically lists all operating functions to be performed - their characteristics - and their timing
Secondary Data
Operations Blueprint
Opportunities
Experiential Merchandising
22. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Experiential Merchandising
Curing (Free-Flowing) Traffic Flow
Internal Secondary Data
Internet
23. A memorized - repetitive speech given to all customers interested in a particular item
Canned Sales Presentation
Ensemble Display
Internal Secondary Data
Value (retailer)
24. The customer group sought by a retailer
Trading Area
Consumer Behavior
Multi-Channel Retailing
Target Marketing
25. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Experiment
Limited Decision Making
Horizontal Price Fixing
Information Search
26. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Controllable Variables
Cooperative Advertising
RFID (radio frequency identification)
Specialog
27. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Traditional Job Description
Experiment
Cost of Goods Sold
Service Retailing
28. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Cost of Method Accounting
Opportunity Costs
Value Chain
Sales Opportunity Grid
29. The number of distinct people exposed to a retailers promotion efforts in a specific period
Destination Retailer
Reach
Lifestyles
Battle of the Brands
30. The positive - neutral or negative feelings a person has about different topics
Electronic Data Interchange (EDI)
Robinson-Patman Act
Mazur Plan
Attitudes (Opinions)
31. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Sales Opportunity Grid
Rack Display
Category Killer
Stimulus
32. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Post-Purchase Behavior
Slotting Allowances
Bottom-Up Space Management Approach
Retail Strategy
33. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Chain
Warehouse Store
Taxes
Power Center
34. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gravity Model
Hierarchy of Authority
Floor-Ready Merchandise
Product/Trademark Franchising
35. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Value (customer)
Trading Area Overlap
Sales Opportunity Grid
Concentrated Marketing
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
Consignment Purchase
Rationalized Retailing
Exclusive Distribution
Unit Pricing
37. A retailers carries complementary goods and services to encourage shoppers to buy more
Flexible Pricing
Cross-Merchandising
Horizontal Cooperative Advertising Agreement
Customer Loyalty
38. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Frequency
Consignment Purchase
Consumer Cooperative
Micromarketing
39. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Predatory Pricing
Recruitment
Retail Organization
Prestige Pricing
40. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Revolving Credit Account
Americans With Disabilities Act
Data Warehousing
Customary Pricing
41. A manufacturer and a retailer or a wholesales and a retailer share an ad
Basic Stock List
Chain
Vertical Cooperative Advertising Agreement
HRM Process
42. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Partnership
Dump Bin
Incremental Budgeting
Secondary Data
43. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Public Relations
Incremental Method
Net Sales
Solution Selling
44. Where the same customers are served by both branches
Efficient Consumer Response (ECR)
Assortment Display
Trading Area Overlap
Forecasts
45. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Consumer Behavior
Vertical Marketing System
Open Credit Account
Lifestyle Center
46. A way to collect - store and use relevant information about customers
Consumer Decision Process
Assortment Display
Data-Base Retailing
Stock Turnover
47. The overall plan guiding a retail firm
RFID (radio frequency identification)
Classification Merchandising
Term Occupancy
Retail Strategy
48. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Traditional Department Store
Reorder Point
Rented-Goods Services
Retailing Concept
49. Available within the company - sometimes from the data bank of a retail information system
Theme-Setting Display
Nonstore Retailing
Internal Secondary Data
Consignment Purchase
50. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Book (Perpetual) Inventory System
Image
Conventional Supermarket
Hierarchy of Authority