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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Category Management
Category Killer
Cost of Method Accounting
Yield Management Pricing
2. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor
Cost of Goods Sold
Customer Service
Publicity
Economic Base
3. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Percentage Variation Method
Incremental Method
Target Marketing
Percentage Lease
4. Objective - quantifiable - easily identifiable and measurable population data
Box (Limited-Line) Store
Memorandum Purchase
Automatic Reordering System
Demographics
5. The service level that customers want to receive from any retailer - such as basic employee courtesy
Relationship Retailing
Item Price Removal
Stock Turnover
Expected Customer Service
6. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Neighborhood Business District
Value Delivery System
Horizontal Retail Audit
Price Elasticity of Demand
7. Takes place when the consumer buys out of habit and skips steps in the purchase process
Internal Secondary Data
Routine Decision Making
Sales Promotion
Post-Purchase Behavior
8. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Augmented Customer Service
Channel Control
Target Marketing
Reach
9. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Job Motivation
Dual Marketing
Solution Selling
Performance Measures
10. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Operations Management
Analog Model
Zero-Based Budgeting
Point-of-Purchase Display
11. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Mazur Plan
Weighted Application Blank
Value (retailer)
String
12. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Robinson-Patman Act
Consumer Protection
Sales-Productivity Ratio
Benchmarking
13. 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
Markdown
Stock-to-Sales Method
Concentrated Marketing
Channel of Distribution
14. The long-run and short-run performance targets a retailers hopes to attain
Supercenter
Performance Measures
Objectives
Horizontal Cooperative Advertising Agreement
15. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Price Lining
Secondary Data
Computerized Checkout
Affinity
16. Assumes new merchandise is sold first - while older stock remains in inventory
LIFO (last-in-first-out) Method
Mergers
One-Hundred Percent Location
PMs (Promotional or Push Monies)
17. 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
Markdown
Positioning
Contingency Pricing
Retail Organization
18. A retail firm owned by its customer members
Nongoods Services
Reference Groups
Core Customers
Consumer Cooperative
19. 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
Point of Difference
Retailing
Price Elasticity of Demand
Flea Market
20. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Budgeting
Book (Perpetual) Inventory System
Franchising
Sales Promotion
21. Increases an item's original price because demand is unexpectedly high or costs are rising
Mystery Shoppers
Additional Markup
Social Class
Logistics
22. The overall plan guiding a retail firm
Retail Strategy
Cooperative Buying
Category Management
Universal Product Code (UPC)
23. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Vertical Marketing System
Business Format Franchising
Job Analysis
Experiential Merchandising
24. Concentrates on selling one goods or service line - such as young women's apparel
Generic Brands
Post-Purchase Behavior
Experiential Merchandising
Specialty Store
25. A retailer carries more items than expects to sell over a specified period
Basic Stock Method
Demographics
Rationalized Retailing
Compensation
26. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Augmented Customer Service
Order-Taking Salesperson
All-You-Can-Afford Method
Direct Product Profitability (DPP)
27. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Horizontal Retail Audit
Prototype Stores
Traditional Department Store
Contingency Pricing
28. Assigns floor space on the basis of sales or profit per foot
Sales-Productivity Ratio
Leased Department
Huff's Law of Shopper Attraction
Nongoods Services
29. Mandates that persons with disabilities be given appropriate access to retailing facilities
Motives
Americans With Disabilities Act
Data Warehousing
Direct Marketing
30. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings
Objectives
Semantic Differential
Value (retailer)
Odd Pricing
31. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Want Book (Want Slip)
Full-Line Discount Store
One-Price Policy
Order-Getting Salesperson
32. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Visual Merchandising
Item Price Removal
Intensive Distribution
Supermarket
33. A manufacturer and a retailer or a wholesales and a retailer share an ad
Vertical Cooperative Advertising Agreement
Wheel of Retailing
Order-Taking Salesperson
Mazur Plan
34. 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
Geographical Information System
Never-Out List
Hierarchy of Authority
Minimum-Price Laws
35. Information is systematically gathered from respondents by communicating with them
Perceived Risk
One-Hundred Percent Location
Ease of Entry
Survey
36. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Cost-Oriented Pricing
Information Search
Predatory Pricing
Cross-Merchandising
37. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Sorting Process
Automatic Reordering System
Gross Profit (margin)
Outshopping
38. 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
Primary Trading Area
Neighborhood Shopping Center
Maintenance-Increase-Recoupment Lease
Outshopping
39. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Neighborhood Business District
Huff's Law of Shopper Attraction
Target Marketing
Electronic Article Surveillance
40. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Hierarchy of Authority
Customary Pricing
All-You-Can-Afford Method
Control
41. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Gap Analysis
Item Price Removal
Downsizing
Cooperative Buying
42. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Total Retail Experience
Retail Organization
Value (retailer)
Ensemble Display
43. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Consumer Loyalty (Frequent Shopper) Programs
Nonstore Retailing
Merchandise Available for Sale
Service Retailing
44. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Employee Empowerment
Threats
Bifurcated Retailing
Affinity
45. The positive - neutral or negative feelings a person has about different topics
Efficient Consumer Response (ECR)
Universal Product Code (UPC)
Department Store
Attitudes (Opinions)
46. 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
Variable Markup Policy
Physical Inventory System
Balanced Tenancy
Demographics
47. Appeals to price-conscious consumers - who must be members to shop there
Price Lining
Experiment
Membership (Warehouse) Club
Cost of Goods Sold
48. Based on the original retail value assigned to merchandise less the costs of the merchandise
Initial Markup
Maintenance-Increase-Recoupment Lease
Application Blank
Physical Inventory System
49. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Price-Quality Association
Loss Leaders
Customary Pricing
Odd Pricing
50. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Unit Control
Sales-Productivity Ratio
Merchandise Available for Sale
Ethics
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