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Test your basic knowledge |
Retail Management
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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 possible benefits a retailer forgoes if it invests in one opportunity rather than another
Vending Machine
Net Sales
Target Marketing
Opportunity Costs
2. Whereby suppliers sell through as many retailers as possible
Percentage-of-Sales Method
Loss Leaders
Intensive Distribution
Discretionary income
3. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Image
Product/Trademark Franchising
External Secondary Data
4. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Product/Trademark Franchising
Cut Case
Post-Purchase Behavior
Retail Life Cycle
5. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Operations Management
Massed Promotion Effort
Nonstore Retailing
Floor-Ready Merchandise
6. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Dead Areas
Variety Store
Constrained Decision Making
Mystery Shoppers
7. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Straight (Gridiron) Traffic Flow
Selective Distribution
Warehouse Store
Routine Decision Making
8. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Balanced Tenancy
Consignment Purchase
Food-Based Superstore
Bifurcated Retailing
9. Logically assumes old merchandise is sold first - while newer items remain in inventory
Competition-Oriented Pricing
FIFO (first-in-first-out) Method
Cross-Shopping
Stimulus
10. The customer group sought by a retailer
Unit Control
Retail Balance
Target Marketing
Observation
11. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Planogram
Convenience Store
Reference Groups
Channel of Distribution
12. 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
Survey
String
Retail Strategy
Supply Chain
13. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Observation
Variable Pricing
Diversification
Destination Retailer
14. Involves oral communication with one or more prospective customers for the purpose of making a sale
Market Segment Product Groupings
Never-Out List
Classification Merchandising
Personal Selling
15. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Price-Quality Association
Power Center
Hierarchy of Authority
Partnership
16. Short-term selling and administrative costs in running a business
Experiment
Operating Expenditures
Video Kiosk
Employee Empowerment
17. Involves a clear statement of the topic to be studied
Issue (problem) Definition
Publicity
Sole Proprietorship
Universal Product Code (UPC)
18. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Service Retailing
Family Life Cycle
Regression Model
Factory Outlet
19. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Solution Selling
Retail Life Cycle
Evaluation of Alternatives
Retail Method of Accounting
20. 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
Multiple-Unit Pricing
Dual Marketing
Net Sales
Reorder Point
21. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Membership (Warehouse) Club
Ensemble Display
Financial Merchandise Management
Order-Getting Salesperson
22. Represents how a given retailer is perceived by consumers and others
Service Retailing
Regression Model
Central Business District
Image
23. A retailer carries more items than expects to sell over a specified period
Basic Stock Method
Rented-Goods Services
Physical Inventory System
Retail Balance
24. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Chain
Bottom-Up Space Management Approach
Business Format Franchising
Horizontal Price Fixing
25. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Problem Awareness
Data-Base Management
Dual Marketing
Micromarketing
26. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Differentiated Marketing
Advertising
Functional Product Groupings
Yield Management Pricing
27. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Electronic Point of Sale System
Dump Bin
Pre-Training
Gap Analysis
28. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Supercenter
Supermarket
Mass Marketing
Merchandise Available for Sale
29. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Consumer Protection
Ethics
Fad Merchandise
Independent
30. Outlines a retailer's planned expenditures for a given time based on expected performance
Organizational Mission
Hidden Assets
Budgeting
Application Blank
31. A retailers carries complementary goods and services to encourage shoppers to buy more
Cognitive Dissonance
Traditional Department Store
Cross-Merchandising
Leased Department
32. 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
Inventory Shrinkage
Incremental Budgeting
Regional Shopping Center
33. The reasons for a consumers behavior
Operating Expenses
Motives
Memorandum Purchase
Sorting Process
34. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Attitudes (Opinions)
Food-Based Superstore
Maintenance-Increase-Recoupment Lease
Supermarket
35. A way to collect - store and use relevant information about customers
Consumer Decision Process
Diversification
Data-Base Retailing
Primary Data
36. 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
Assortment Display
Distributed Promotion Effort
Purchase Act
Perceived Risk
37. Based on the original retail value assigned to merchandise less the costs of the merchandise
Case Display
Initial Markup
Predatory Pricing
Control Units
38. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Situation Analysis
Top-Down Space Management Approach
Ethics
Value Chain
39. The aspects of business that a firm can directly affect
Application Blank
Data Warehousing
Controllable Variables
Functional Product Groupings
40. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Model Stock Approach
Cost of Goods Sold
Core Customers
41. 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
All-You-Can-Afford Method
Competitive Parity Method
Efficient Consumer Response (ECR)
Point-of-Purchase Display
42. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Personal Selling
Depth of Assortment
Evaluation of Alternatives
Benchmarking
43. Relates to the quantites of merchandise a retailer handles during a stated period
Competitive Parity Method
Unit Control
Net Worth
Vendor-Managed Inventory (VMI)
44. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Cost of Method Accounting
Perceived Risk
Top-Down Space Management Approach
Job Analysis
45. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Initial Markup
Cost of Method Accounting
Want Book (Want Slip)
Central Business District
46. A multi-line firm operating under central ownership
Control
Goods/Service Category
Merchandising Philosophy
Diversified Retailer
47. 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
Supercenter
Secondary Business District (SBD)
Tactics
48. Displays merchandise by common end use
Functional Product Groupings
Direct Product Profitability (DPP)
Mazur Plan
Image
49. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Assets
Intensive Distribution
Revolving Credit Account
Demographics
50. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Intensive Distribution
Supermarket
Horizontal Price Fixing
Monthly Sales Index
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