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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. The aspects of business that a firm can directly affect
Assortment Merchandise
Horizontal Price Fixing
Tactics
Controllable Variables
2. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Destination Retailer
Hidden Assets
Automatic Reordering System
Control
3. A retailer purposely adjusts markups by merchandise category
Variable Markup Policy
Rented-Goods Services
Point of Difference
Dead Areas
4. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Supply Chain
Differentiated Marketing
Service Retailing
Channel of Distribution
5. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control
Publicity
Mergers
Sales Manager
Department Store
6. 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
Need-Satisfaction Approach
Assortment Merchandise
Marquee
Open Credit Account
7. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Controllable Variables
Straight (Gridiron) Traffic Flow
Dead Areas
Cognitive Dissonance
8. Whereby goods owned by consumers are repaired - improved - or maintained
Owned-Goods Services
Human Resource Management
Opportunity Costs
Impulse Purchases
9. Calls for precise rent increases over a stated period of time
Graduated Lease
Additional Markup
External Secondary Data
Consignment Purchase
10. A retailer carries more items than expects to sell over a specified period
Basic Stock Method
Stimulus
Internal Secondary Data
Feedback
11. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Differentiated Marketing
Assortment
Compensation
Micromarketing
12. Assigns floor space on the basis of sales or profit per foot
Sales-Productivity Ratio
Personality
Reference Groups
Discretionary income
13. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Observation
Secondary Trading Area
Impulse Purchases
Net Worth
14. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Merchandising
Need-Satisfaction Approach
Multiple-Unit Pricing
Graduated Lease
15. The number of distinct people exposed to a retailers promotion efforts in a specific period
Retailing
Primary Trading Area
Micromarketing
Reach
16. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Gross Margin
Routine Decision Making
Value (customer)
Customer Satisfaction
17. A retailers carries complementary goods and services to encourage shoppers to buy more
Budgeting
Leased Department
Cut Case
Cross-Merchandising
18. A retail firm that is formally incorporated under state law
Corporation
Percentage-of-Sales Method
Product/Trademark Franchising
Reference Groups
19. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Universal Product Code (UPC)
Productivity
External Secondary Data
Bottom-Up Space Management Approach
20. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Option Credit Account
Americans With Disabilities Act
Dead Areas
Marquee
21. A planned shopping facility - with the largest store being a supermarket or a drugstore
Motives
World Wide Web
Neighborhood Shopping Center
Niche Retailing
22. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Never-Out List
Pre-Training
Cross-Shopping
World Wide Web
23. A type of retail institution in which a retailers owns one retail unit
Productivity
String
Independent
Word of Mouth (WOM)
24. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Stimulus
Open-to-Buy
Reilly's Law of Retailing Gravitation
Product/Trademark Franchising
25. Short-term selling and administrative costs in running a business
Cross-Merchandising
Consumer Cooperative
Operating Expenditures
Classification Merchandising
26. The long-run and short-run performance targets a retailers hopes to attain
Seasonal Merchandise
FIFO (first-in-first-out) Method
Objectives
Opportunities
27. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Purchase Act
Evaluation of Alternatives
RFID (radio frequency identification)
Classification Merchandising
28. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Economic Base
Scrambled Merchandising
Ease of Entry
Contingency Pricing
29. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Bait-and-Switch Advertising
Trading Area Overlap
Retail Strategy
Floor-Ready Merchandise
30. 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
Hierarchy of Authority
Personal Selling
Retail Organization
Leased Department
31. Places together various items that appeal to a given target market
Franchising
Organization Chart
Market Segment Product Groupings
Theme-Setting Display
32. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Concentrated Marketing
Fad Merchandise
Basic Stock List
Retailing Concept
33. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Application Blank
Value Chain
Objectives
Full-Line Discount Store
34. Beginning inventory - purchases - and transportation charges equal the cost of this
Tactics
One-Price Policy
Merchandise Available for Sale
Private (dealer) Brands
35. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Employee Empowerment
Distributed Promotion Effort
Retail Information System
Supermarket
36. The overall plan or framework of action that guides a retailer
Job Motivation
Department Store
Retailing Concept
Retail Strategy
37. 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
Impulse Purchases
Vendor-Managed Inventory (VMI)
Horizontal Retail Audit
Leased Department
38. Influence people's thought and behavior such as families - aspirational groups and membership groups
Budgeting
Reference Groups
Objectives
Initial Markup
39. 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
Theme-Setting Display
Robinson-Patman Act
Extended Decision Making
Initial Markup
40. Focuses on the sale of tangible phoducts
Goods Retailing
Franchising
Nongoods Services
Depth of Assortment
41. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Relationship Retailing
Electronic Point of Sale System
Multi-Channel Retailing
Information Search
42. Involves a clear statement of the topic to be studied
Wheel of Retailing
Top-Down Space Management Approach
Issue (problem) Definition
One-Hundred Percent Location
43. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Perceived Risk
Automatic Reordering System
Graduated Lease
Economic Base
44. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Category Management
Category Killer
Electronic Banking
Motives
45. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Distributed Promotion Effort
Word of Mouth (WOM)
Curing (Free-Flowing) Traffic Flow
Positioning
46. Objective - quantifiable - easily identifiable and measurable population data
Demographics
Frequency
Neighborhood Business District
Uncontrollable Variables
47. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Survey
Lifestyle Center
Basic Stock List
Wheel of Retailing
48. 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
Perceived Risk
Positioning
Experiment
Niche Retailing
49. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Specialog
Electronic Point of Sale System
Controllable Variables
Monthly Sales Index
50. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Manufacturer (national) Brands
World Wide Web
Routine Decision Making
Sales Promotion