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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 amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Electronic Article Surveillance
Trading Area
Quick Response (QR) Inventory Planning
Cost of Goods Sold
2. Retailers price selected items below cost to lure more customer traffic for those retailers
Relationship Retailing
One-Hundred Percent Location
Central Business District
Loss Leaders
3. Available from sources outside the firm
Single-Channel Retailing
Video Kiosk
External Secondary Data
Motives
4. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Assortment
Prototype Stores
Merchandising
Marquee
5. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Scrambled Merchandising
Logistics
Quick Response (QR) Inventory Planning
Channel Control
6. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Ethics
Job Analysis
Rationalized Retailing
Bottom-Up Space Management Approach
7. The overall plan guiding a retail firm
Opportunistic Buying
Exclusive Distribution
Retail Strategy
Quick Response (QR) Inventory Planning
8. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Market Segment Product Groupings
Training Programs
Dead Areas
Sales Promotion
9. 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
Incremental Method
Sorting Process
Reference Groups
Percentage Variation Method
10. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Personal Selling
Cost-Oriented Pricing
Neighborhood Shopping Center
Atmosphere (atmospherics)
11. 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
Supermarket
Channel of Distribution
Horizontal Retail Audit
Operating Expenditures
12. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Book (Perpetual) Inventory System
Basic Stock Method
Dead Areas
Advertising
13. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Order-Getting Salesperson
Merchandise Available for Sale
Want Book (Want Slip)
14. When retailers count on suppliers to participate in their inventory management programs
Vendor-Managed Inventory (VMI)
Hierarchy of Effects
Attitudes (Opinions)
Cognitive Dissonance
15. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Distributed Promotion Effort
Marquee
Dual Marketing
Variety Store
16. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Relationship Retailing
Retail Organization
Frequency
Sole Proprietorship
17. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Ethics
Infomercial
Traditional Department Store
Cross-Merchandising
18. Marketplace opening that exist because other retailers have not yet capitalized on them
Yield Management Pricing
Post-Purchase Behavior
Stock-to-Sales Method
Opportunities
19. 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
Chain
Retail Institution
Data Mining
External Secondary Data
20. 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
Survey
Huff's Law of Shopper Attraction
Combination Store
Purchase Act
21. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Loss Leaders
Logistics
Job Analysis
Consignment Purchase
22. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
HRM Process
Reference Groups
Trading Area
Issue (problem) Definition
23. A retailer purposely adjusts markups by merchandise category
Loss Leaders
Variable Markup Policy
Combination Store
Human Resource Management
24. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Sole Proprietorship
Specialog
Slotting Allowances
Sales Opportunity Grid
25. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Price Elasticity of Demand
Publicity
Stimulus
Regression Model
26. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Neighborhood Business District
Geographical Information System
Demand-Oriented Pricing
Depth of Assortment
27. Graphically displays its hierarchical relationships created by a retailer
Organization Chart
Frequency
Pre-Training
Unit Control
28. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Box (Limited-Line) Store
Prestige Pricing
Specialog
Retail Strategy
29. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Market Segment Product Groupings
Memorandum Purchase
Want Book (Want Slip)
Direct Product Profitability (DPP)
30. Zeroing in on one specific group
Retail Promotion
Feedback
Scrambled Merchandising
Concentrated Marketing
31. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
Net Profit After Taxes
Job Analysis
Unit Control
32. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Direct Selling
Cost of Goods Sold
Rack Display
Value (retailer)
33. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Forecasts
Channel of Distribution
Weighted Application Blank
Monthly Sales Index
34. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Secondary Business District (SBD)
One-Hundred Percent Location
Cost of Goods Sold
Manufacturer (national) Brands
35. Determines the floor space necessary to carry and display a proper merchandise assortment
Leased Department
Job Motivation
Threats
Model Stock Approach
36. Factors having a high relationship with job success are given more weight than others
Electronic Point of Sale System
Culture
Routine Decision Making
Weighted Application Blank
37. Objective - quantifiable - easily identifiable and measurable population data
Food-Based Superstore
Demographics
Percentage-of-Sales Method
Performance Measures
38. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Retail Audit
Minimum-Price Laws
Generic Brands
Retail Strategy
39. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Private (dealer) Brands
Consumer Behavior
Yield Management Pricing
Merchandise Available for Sale
40. 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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41. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Stock Turnover
Direct Marketing
Prestige Pricing
Net Sales
42. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Reach
Culture
Width of Assortment
Gravity Model
43. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Bottom-Up Space Management Approach
Gravity Model
Net Worth
Category Management
44. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Retail Promotion
Prestige Pricing
Resident Buying Office
Cost of Method Accounting
45. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Intensive Distribution
Distributed Promotion Effort
Additional Markup
46. When manufacturers and wholesales seek to control the retail prices of their goods and services
Vertical Price Fixing
Balanced Tenancy
PMs (Promotional or Push Monies)
Cost of Method Accounting
47. A listing of bipolar adjectives scales
Electronic Banking
Case Display
Multiple-Unit Pricing
Semantic Differential
48. 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
Goal-Oriented Job Description
Net Sales
Reorder Point
One-Price Policy
49. 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
Robinson-Patman Act
Gap Analysis
Americans With Disabilities Act
Electronic Point of Sale System
50. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Percentage-of-Sales Method
Option Credit Account
Control Units
Customer Loyalty