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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 process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Specialty Store
Target Marketing
Consumer Behavior
Variable Pricing
2. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Partnership
Revolving Credit Account
Planogram
Regression Model
3. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth
Objectives
Canned Sales Presentation
Hidden Assets
Lifestyles
4. 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
Owned-Goods Services
Data Warehousing
Visual Merchandising
5. The difference between net sales and the total cost of goods sold
Stimulus
Consignment Purchase
Application Blank
Gross Margin
6. 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
Job Analysis
Consumer Decision Process
Balanced Tenancy
Equal Store Organization
7. Has a primarily functional use: to neatly hang or present products
Direct Store Distribution (DSD)
Rack Display
Supervision
Option Credit Account
8. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Primary Trading Area
Goal-Oriented Job Description
Vertical Cooperative Advertising Agreement
Direct Selling
9. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Cross-Shopping
Leased Department
Gap Analysis
Cooperative Buying
10. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Data-Base Management
Retail Life Cycle
Operating Expenditures
Outsourcing
11. 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
Retail Organization
Conventional Supermarket
Social Class
Market Segment Product Groupings
12. 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
Culture
Rack Display
Data Mining
Consumer Protection
13. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Need-Satisfaction Approach
Basic Stock Method
Economic Base
Predatory Pricing
14. Places together various items that appeal to a given target market
Regression Model
Hierarchy of Effects
Market Segment Product Groupings
Video Kiosk
15. The profit earned after all costs and taxes have been deducted
Primary Trading Area
Net Profit After Taxes
Consumer Loyalty (Frequent Shopper) Programs
Evaluation of Alternatives
16. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Prototype Stores
Off-Price Chain
Electronic Point of Sale System
Value Chain
17. The basic format or structure of a business
Retail Institution
Merchandising Philosophy
Consumer Loyalty (Frequent Shopper) Programs
Huff's Law of Shopper Attraction
18. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Competitive Parity Method
Merchandising Philosophy
Control Units
Downsizing
19. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Mystery Shoppers
Job Motivation
Uncontrollable Variables
Cost-Oriented Pricing
20. Used by retailers that promote seasonally
Cost-Oriented Pricing
Problem Awareness
Variable Markup Policy
Massed Promotion Effort
21. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Need-Satisfaction Approach
Gap Analysis
Reference Groups
Internet
22. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Lifestyles
Initial Markup
Competitive Parity Method
Corporation
23. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Variable Markup Policy
Americans With Disabilities Act
Strategy Mix
Chain
24. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Category Management
Vending Machine
All-You-Can-Afford Method
Factory Outlet
25. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Operations Management
Electronic Banking
Geographical Information System
Retail Institution
26. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Situation Analysis
Straight (Gridiron) Traffic Flow
Operating Expenses
Rationalized Retailing
27. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Single-Channel Retailing
Manufacturer (national) Brands
Corporation
Reorder Point
28. Two or more retailers share an ad
Gross Profit (margin)
Debit Card System
Horizontal Cooperative Advertising Agreement
Job Motivation
29. Objective - quantifiable - easily identifiable and measurable population data
Demographics
Direct Product Profitability (DPP)
Assets
Logistics
30. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Quick Response (QR) Inventory Planning
Manufacturer (national) Brands
Franchising
Channel Control
31. Refers to the variety in any one good/service (product line) a retailer carries
Additional Markup
Vendor-Managed Inventory (VMI)
Factory Outlet
Depth of Assortment
32. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Predatory Pricing
Employee Empowerment
Diversified Retailer
Price Lining
33. Graphically displays its hierarchical relationships created by a retailer
Sole Proprietorship
Maintenance-Increase-Recoupment Lease
Job Analysis
Organization Chart
34. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Service Retailing
Merchandising
Franchising
Weeks' Supply Method
35. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Total Retail Experience
Prestige Pricing
Uncontrollable Variables
Operations Management
36. A retailer carries more items than expects to sell over a specified period
Motives
Supermarket
Basic Stock Method
Memorandum Purchase
37. The merchandise categories for which data are gathered
Outsourcing
Inventory Management
Cost of Goods Sold
Control Units
38. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Pre-Training
Sorting Process
Evaluation of Alternatives
Public Relations
39. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Sales Opportunity Grid
Diversification
Price Lining
Perceived Risk
40. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Model Stock Approach
Differentiated Marketing
Specialog
Bottom-Up Space Management Approach
41. Available within the company - sometimes from the data bank of a retail information system
Internal Secondary Data
Regional Shopping Center
Probability (Random) Sample
Book (Perpetual) Inventory System
42. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Debit Card System
Resident Buying Office
Storefront
Retail Audit
43. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Reilly's Law of Retailing Gravitation
String
Tactics
Performance Measures
44. The sum total of an individuals traits - which make that individual unique
Personality
Internet
Price-Quality Association
Frequency
45. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Percentage Lease
RFID (radio frequency identification)
Traditional Job Description
Impulse Purchases
46. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Mergers
Ethics
Experiment
Secondary Data
47. 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
Nongoods Services
Demand-Oriented Pricing
LIFO (last-in-first-out) Method
Price Lining
48. Outlines a retailer's planned expenditures for a given time based on expected performance
Budgeting
Rack Display
Culture
LIFO (last-in-first-out) Method
49. 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
Convenience Store
Retail Strategy
Model Stock Approach
Leader Pricing
50. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Visual Merchandising
Huff's Law of Shopper Attraction
Supercenter
Primary Trading Area