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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 difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Price Lining
Gross Profit (margin)
Cost-Oriented Pricing
Scenario Analysis
2. 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
Secondary Business District (SBD)
Convenience Store
Data Mining
Efficient Consumer Response (ECR)
3. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
Mystery Shoppers
PMs (Promotional or Push Monies)
Yield Management Pricing
Data Warehousing
4. The basic format or structure of a business
Department Store
Semantic Differential
Publicity
Retail Institution
5. The criteria used to assess effectiveness
Concentrated Marketing
Performance Measures
Gravity Model
Slotting Allowances
6. Used for products needing special handling
Hidden Assets
Storability Product Groupings
Control
Horizontal Cooperative Advertising Agreement
7. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Augmented Customer Service
Opportunistic Buying
Variable Pricing
Gravity Model
8. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
LIFO (last-in-first-out) Method
Electronic Article Surveillance
Hierarchy of Effects
One-Hundred Percent Location
9. Takes place when the consumer buys out of habit and skips steps in the purchase process
Objectives
Purchase Motivation Product Groupings
Routine Decision Making
Logistics
10. The overall plan or framework of action that guides a retailer
Retail Strategy
Unit Control
Quick Response (QR) Inventory Planning
Traditional Department Store
11. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
Merchandise Available for Sale
Feedback
Manufacturer (national) Brands
Merchandising Philosophy
12. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Factory Outlet
Personality
Organizational Mission
Order-Taking Salesperson
13. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Order-Getting Salesperson
Compensation
Strategy Mix
Retailing Concept
14. Two or more retailers share an ad
Retail Institution
Corporation
Horizontal Cooperative Advertising Agreement
Job Analysis
15. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Balanced Tenancy
Tactics
Positioning
Neighborhood Shopping Center
16. Used by retailers that promote throughout the year
Dead Areas
Distributed Promotion Effort
Gross Profit (margin)
Consumer Behavior
17. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Predatory Pricing
Diversified Retailer
Width of Assortment
Channel of Distribution
18. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Rented-Goods Services
Corporation
Assets
Point of Difference
19. 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
Job Analysis
Benchmarking
Supermarket
Product/Trademark Franchising
20. Outlines a retailer's planned expenditures for a given time based on expected performance
Destination Retailer
Price Lining
Budgeting
Extended Decision Making
21. A retailer charges the same price to all customers buying an item under similar conditions
One-Price Policy
Department Store
Electronic Banking
Incremental Method
22. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Information Search
Reilly's Law of Retailing Gravitation
Observation
Problem Awareness
23. Available from sources outside the firm
Ethics
Cost-Oriented Pricing
Mystery Shoppers
External Secondary Data
24. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Direct Selling
Central Business District
Net Sales
Total Retail Experience
25. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Retail Balance
Goods/Service Category
Frequency
Value (customer)
26. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Item Price Removal
Lifestyles
Physical Inventory System
Data-Base Retailing
27. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Want Book (Want Slip)
Primary Trading Area
Advertising
Mass Merchandising
28. Every store - product - or customer has an equal or known chance of being chosen for a study
Probability (Random) Sample
Marketing Research In Retailing
Customer Satisfaction
Markup Pricing
29. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Intensive Distribution
Mergers
Odd Pricing
Control
30. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Solution Selling
Supercenter
Robinson-Patman Act
Generic Brands
31. Competition between manufacturers and retailers for shelf space and profits
Product Life Cycle
Unit Pricing
Chargebacks
Battle of the Brands
32. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Affinity
Minimum-Price Laws
Organization Chart
Full-Line Discount Store
33. A way to collect - store and use relevant information about customers
Non-probability Sample
Unit Control
Data-Base Retailing
Weighted Application Blank
34. The reasons for a consumers behavior
Stock-to-Sales Method
Motives
Information Search
Fringe Trading Area
35. A food-based discounter offering a moderate number of food items in a no-frills setting
Sole Proprietorship
Warehouse Store
Combination Store
LIFO (last-in-first-out) Method
36. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Operations Blueprint
Retailing
Data Warehousing
Term Occupancy
37. Systematically lists all operating functions to be performed - their characteristics - and their timing
Constrained Decision Making
Operations Blueprint
Lifestyle Center
Cooperative Buying
38. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Conventional Supermarket
Uncontrollable Variables
Stimulus
Feedback
39. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Mazur Plan
Benchmarking
Customer Loyalty
Flea Market
40. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Reverse Logistics
Retail Institution
Consumer Loyalty (Frequent Shopper) Programs
Hierarchy of Effects
41. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Retail Information System
Percentage Variation Method
Consumer Decision Process
Prototype Stores
42. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Secondary Business District (SBD)
Retail Information System
Additional Markup
Efficient Consumer Response (ECR)
43. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Wheel of Retailing
Reverse Logistics
Single-Channel Retailing
Cooperative Buying
44. A listing of bipolar adjectives scales
Social Class
Personal Selling
Generic Brands
Semantic Differential
45. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Dump Bin
Demand-Oriented Pricing
Off-Price Chain
Net Worth
46. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Survey
Retail Balance
Lifestyles
RFID (radio frequency identification)
47. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Recruitment
Personality
Need-Satisfaction Approach
Mergers
48. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Variable Markup Policy
Community Shopping Center
Performance Measures
Traditional Job Description
49. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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50. A case that holds piles of sale clothing - marked down books or other products
Ethics
Dump Bin
Retail Strategy
Data-Base Retailing