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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. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Publicity
Fad Merchandise
Situation Analysis
Selective Distribution
2. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Scenario Analysis
Hierarchy of Authority
Everyday Low Pricing (EDLP)
Intensive Distribution
3. The efficiency with which a retail strategy is carried out
Market Segment Product Groupings
Net Profit After Taxes
Zero-Based Budgeting
Productivity
4. The manner of providing a job environment that encourages employee accomplishment
Full-Line Discount Store
Supervision
Cut Case
Channel Control
5. Occurs when one consumer talks to others; can build a chain of customers
Word of Mouth (WOM)
Food-Based Superstore
Horizontal Price Fixing
External Secondary Data
6. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Impulse Purchases
Off-Price Chain
Sales Opportunity Grid
Relationship Retailing
7. Available within the company - sometimes from the data bank of a retail information system
Sorting Process
Prestige Pricing
Internal Secondary Data
Issue (problem) Definition
8. 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
Advertising
Operations Management
Dump Bin
Price Elasticity of Demand
9. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Economic Base
Department Store
Vending Machine
Employee Empowerment
10. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
PMs (Promotional or Push Monies)
Battle of the Brands
Monthly Sales Index
Competitive Parity Method
11. Financial obligations a retailer incurs in operating a business
Trading Area Overlap
Regression Model
Contingency Pricing
Liabilities
12. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Distributed Promotion Effort
HRM Process
Variable Pricing
Net Lease
13. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Percentage Lease
Discretionary income
Maintained Markup
Social Responsibility
14. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Bait-and-Switch Advertising
Human Resource Management
Rack Display
Specialty Store
15. Objective - quantifiable - easily identifiable and measurable population data
Ease of Entry
Full-Line Discount Store
One-Hundred Percent Location
Demographics
16. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Want Book (Want Slip)
Consumer Cooperative
Mass Merchandising
Owned-Goods Services
17. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Retail Balance
Storefront
Zero-Based Budgeting
Need-Satisfaction Approach
18. Short-term selling and administrative costs in running a business
Cross-Shopping
Markdown
Household Life Cycle
Operating Expenditures
19. Whereby goods owned by consumers are repaired - improved - or maintained
Planogram
Model Stock Approach
Owned-Goods Services
Traditional Job Description
20. Consists of all the levels of independently owned businesses along a channel of distribution
Objectives
Vertical Marketing System
Direct Selling
Ethics
21. The mix of stores within a district or shopping center
Retail Balance
Maintenance-Increase-Recoupment Lease
Horizontal Retail Audit
Neighborhood Business District
22. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Situation Analysis
Membership (Warehouse) Club
Supervision
Experiment
23. A listing of bipolar adjectives scales
Secondary Trading Area
Massed Promotion Effort
Semantic Differential
Regional Shopping Center
24. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Multi-Channel Retailing
Consumer Decision Process
Gross Profit (margin)
Huff's Law of Shopper Attraction
25. 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
Retail Information System
Model Stock Approach
Word of Mouth (WOM)
26. The activity whereby a retailer generates a list of job applicants
Personality
Hierarchy of Effects
Retailing
Recruitment
27. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Flexible Pricing
Consumer Decision Process
Evaluation of Alternatives
Electronic Data Interchange (EDI)
28. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Retail Information System
Width of Assortment
Publicity
Electronic Point of Sale System
29. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Efficient Consumer Response (ECR)
Secondary Business District (SBD)
HRM Process
Demographics
30. A multi-line firm operating under central ownership
Diversified Retailer
Culture
Constrained Decision Making
Loss Leaders
31. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Owned-Goods Services
Problem Awareness
Goods Retailing
Markdown
32. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Curing (Free-Flowing) Traffic Flow
Cut Case
Reach
Factory Outlet
33. Consists of the regular products carried by a retailer
All-You-Can-Afford Method
Staple Merchandise
Video Kiosk
Channel Control
34. Consists of products that sell well over nonconsecutive time periods
Central Business District
Solution Selling
Tactics
Seasonal Merchandise
35. When a retailer looks at data that are collected to address the specific issue or problem under study
Traditional Department Store
Operations Management
Direct Marketing
Primary Data
36. Increases an item's original price because demand is unexpectedly high or costs are rising
Straight (Gridiron) Traffic Flow
Additional Markup
Dollar Control
Downsizing
37. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Vertical Retail Audit
Cost-Oriented Pricing
Extended Decision Making
Ease of Entry
38. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Diversified Retailer
Vendor-Managed Inventory (VMI)
Revolving Credit Account
Scenario Analysis
39. Lets consumers bargain over prices; those who are good at it obtain lower prices
Performance Measures
Lifestyle Center
Point of Difference
Flexible Pricing
40. The service level that customers want to receive from any retailer - such as basic employee courtesy
Order-Taking Salesperson
Expected Customer Service
Quick Response (QR) Inventory Planning
Sales-Productivity Ratio
41. Any item a retailer owns with monetary value
Demographics
Data Warehousing
Assets
Evaluation of Alternatives
42. Depicts a product offering in a thematic manner and sets a specific mood
Gross Margin
Massed Promotion Effort
Objective-and-Task Method
Theme-Setting Display
43. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Data-Base Management
Multi-Channel Retailing
Nongoods Services
Variable Pricing
44. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Equal Store Organization
Goods/Service Category
Customer Satisfaction
Social Class
45. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Culture
Planogram
Retail Organization
Inventory Shrinkage
46. A manufacturer and a retailer or a wholesales and a retailer share an ad
Horizontal Retail Audit
Functional Product Groupings
Vertical Cooperative Advertising Agreement
Chargebacks
47. 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
Product/Trademark Franchising
Supply Chain
Functional Product Groupings
Augmented Customer Service
48. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Impulse Purchases
Value (customer)
Mystery Shoppers
Control
49. The cost of running a retail business
Combination Store
Issue (problem) Definition
Organization Chart
Operating Expenses
50. Displays merchandise by common end use
Box (Limited-Line) Store
Functional Product Groupings
Consignment Purchase
Open Credit Account