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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. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Wheel of Retailing
Secondary Trading Area
Strategy Mix
Logistics
2. 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
Percentage-of-Sales Method
Affinity
Rack Display
Hidden Assets
3. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Stimulus
Neighborhood Business District
Revolving Credit Account
Trading Area
4. The line of business in which a retailer operates
Goods/Service Category
Control
Motives
Storefront
5. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
HRM Process
Incremental Budgeting
Trading Area
Electronic Data Interchange (EDI)
6. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Combination Store
Value (customer)
Nongoods Services
Vendor-Managed Inventory (VMI)
7. Ways in which individual consumers and families live and spend time and money
Mystery Shoppers
Lifestyles
Cut Case
Product Life Cycle
8. A food-based discounter offering a moderate number of food items in a no-frills setting
Video Kiosk
Model Stock Approach
Private (dealer) Brands
Warehouse Store
9. Information is systematically gathered from respondents by communicating with them
Vertical Cooperative Advertising Agreement
Survey
Revolving Credit Account
Trading Area
10. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Tactics
Resident Buying Office
Operations Management
Culture
11. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Control
Hidden Assets
Family Life Cycle
Micromerchandising
12. A large - planned shopping facility appealing to a geographically dispersed market
Regional Shopping Center
Universal Product Code (UPC)
Relationship Retailing
Yield Management Pricing
13. Lets consumers bargain over prices; those who are good at it obtain lower prices
Order-Taking Salesperson
Vertical Marketing System
Flexible Pricing
Post-Purchase Behavior
14. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
15. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Chain
Objective-and-Task Method
Family Life Cycle
Neighborhood Business District
16. The reasons for a consumers behavior
Data Mining
Motives
Purchase Motivation Product Groupings
One-Price Policy
17. Takes a customer-centered approach and presents "solutions" rather than "products"
Operations Blueprint
Inventory Management
Solution Selling
Positioning
18. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Bifurcated Retailing
Control
Feedback
Regional Shopping Center
19. A retailer sets its prices in accordance with competitors'
Sales-Productivity Ratio
Cognitive Dissonance
Competition-Oriented Pricing
Reorder Point
20. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Perceived Risk
Central Business District
Consignment Purchase
Price Lining
21. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Semantic Differential
Frequency
Slotting Allowances
Point-of-Purchase Display
22. The criteria used to assess effectiveness
Visual Merchandising
Loss Leaders
Percentage Variation Method
Performance Measures
23. Doubt that the correct decision has been made
Cognitive Dissonance
Memorandum Purchase
Intensive Distribution
Retail Audit
24. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Impulse Purchases
Rationalized Retailing
Extended Decision Making
Multi-Channel Retailing
25. Competition between manufacturers and retailers for shelf space and profits
Leader Pricing
Battle of the Brands
Flea Market
Strategy Mix
26. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Order-Getting Salesperson
Ethics
Consumer Loyalty (Frequent Shopper) Programs
Value (customer)
27. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Owned-Goods Services
Vertical Cooperative Advertising Agreement
Ease of Entry
World Wide Web
28. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Partnership
Internet
Differentiated Marketing
Retailing
29. 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
Primary Data
Public Relations
Cost of Goods Sold
Positioning
30. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Atmosphere (atmospherics)
Wheel of Retailing
Social Class
Augmented Customer Service
31. Occurs when one consumer talks to others; can build a chain of customers
Basic Stock Method
Width of Assortment
Word of Mouth (WOM)
Neighborhood Shopping Center
32. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Supercenter
Bait-and-Switch Advertising
Monthly Sales Index
Secondary Business District (SBD)
33. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Specialty Store
Ethics
Private (dealer) Brands
Retailing
34. The service level that customers want to receive from any retailer - such as basic employee courtesy
Expected Customer Service
Traditional Department Store
Direct Product Profitability (DPP)
Neighborhood Shopping Center
35. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Customer Service
Service Retailing
Trading Area
Financial Merchandise Management
36. Out-of-hometown shopping - is important for both local and surrounding retailers
Video Kiosk
Outshopping
Gap Analysis
Attitudes (Opinions)
37. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Diversification
Channel Control
Multiple-Unit Pricing
Rack Display
38. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Social Responsibility
Attitudes (Opinions)
Supermarket
Percentage Variation Method
39. Based on the original retail value assigned to merchandise less the costs of the merchandise
Initial Markup
Partnership
Business Format Franchising
Physical Inventory System
40. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Monthly Sales Index
Open Credit Account
Basic Stock Method
Retail Balance
41. A retailers best customers
Tactics
Unit Control
Core Customers
Direct Marketing
42. A type of retail institution in which a retailers owns one retail unit
Traditional Department Store
Additional Markup
Independent
Storefront
43. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Discretionary income
RFID (radio frequency identification)
Incremental Method
Lifestyle Center
44. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Graduated Lease
Discretionary income
Limited Decision Making
Outshopping
45. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Affinity
Benchmarking
Data-Base Retailing
Sales-Productivity Ratio
46. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Tactics
Multi-Channel Retailing
Electronic Banking
Retail Information System
47. A retailer carries more items than expects to sell over a specified period
Direct Marketing
Basic Stock Method
Dollar Control
Horizontal Retail Audit
48. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Curing (Free-Flowing) Traffic Flow
Net Profit After Taxes
Chargebacks
PMs (Promotional or Push Monies)
49. Signals or cues as to the success or failure of that each part of the strategy
Feedback
Uncontrollable Variables
FIFO (first-in-first-out) Method
RFID (radio frequency identification)
50. Actively involved with informing and persuading customers in closing sales
Order-Getting Salesperson
Atmosphere (atmospherics)
Data-Base Management
Gross Profit (margin)