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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 shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Application Blank
Power Center
Variety Store
Central Business District
2. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
Reach
Option Credit Account
Personality
3. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Reference Groups
RFID (radio frequency identification)
Chargebacks
Organizational Mission
4. Consumers feel high prices connote high quality and low prices connote low quality
Experiential Merchandising
Internet
Price-Quality Association
Image
5. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Mergers
Private (dealer) Brands
Single-Channel Retailing
Visual Merchandising
6. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Supervision
Quick Response (QR) Inventory Planning
Core Customers
Price Lining
7. Payments that retailers require of vendors for providing shelf space
Analog Model
Threats
Slotting Allowances
Chargebacks
8. Shows the expected behavior of a good or service over its life
Productivity
Benchmarking
Variable Pricing
Product Life Cycle
9. 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
Primary Data
Channel Control
World Wide Web
10. 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
Visual Merchandising
Mystery Shoppers
Ease of Entry
Chain
11. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Cooperative Advertising
Competition-Oriented Pricing
Supervision
Seasonal Merchandise
12. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Goods Retailing
Retail Method of Accounting
Internet
Video Kiosk
13. 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
Franchising
Geographical Information System
Vertical Price Fixing
Horizontal Retail Audit
14. When retailers count on suppliers to participate in their inventory management programs
Extended Decision Making
Item Price Removal
Vendor-Managed Inventory (VMI)
Order-Taking Salesperson
15. Influence people's thought and behavior such as families - aspirational groups and membership groups
Retail Strategy
Food-Based Superstore
Retail Life Cycle
Reference Groups
16. The portion of revenues turned over to the federal - state and/or local government
Taxes
Supermarket
Value (retailer)
Staple Merchandise
17. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Floor-Ready Merchandise
Bottom-Up Space Management Approach
Scenario Analysis
Value Delivery System
18. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Assortment Display
Operating Expenses
Price Elasticity of Demand
Merchandise Available for Sale
19. 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
One-Hundred Percent Location
Culture
Revolving Credit Account
20. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Direct Marketing
Value Chain
Merchandising Philosophy
Control
21. The merchandise categories for which data are gathered
Maintained Markup
Control Units
Assets
Conventional Supermarket
22. A retailer charges the same price to all customers buying an item under similar conditions
Supply Chain
Equal Store Organization
Convenience Store
One-Price Policy
23. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Reilly's Law of Retailing Gravitation
Item Price Removal
Universal Product Code (UPC)
Weighted Application Blank
24. Whereby each department is subdivided into further categories for related types of merchandise
Organization Chart
Vertical Marketing System
Classification Merchandising
Sales Opportunity Grid
25. 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
Maintained Markup
Objective-and-Task Method
Cut Case
26. A sign that displays the store's name
Secondary Data
Retail Balance
Marquee
Need-Satisfaction Approach
27. When manufacturers and wholesales seek to control the retail prices of their goods and services
Perceived Risk
Atmosphere (atmospherics)
Vertical Price Fixing
Semantic Differential
28. The overall plan or framework of action that guides a retailer
Outsourcing
HRM Process
Retail Strategy
Bottom-Up Space Management Approach
29. Outlines a retailer's planned expenditures for a given time based on expected performance
Reorder Point
Americans With Disabilities Act
Objectives
Budgeting
30. Projections of expected retail sales for given periods
Forecasts
Merchandise Available for Sale
Bifurcated Retailing
Gross Profit (margin)
31. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Retail Institution
Vertical Cooperative Advertising Agreement
String
32. The form of research in which present behavior or the results of past behavior are noted and recorded
Traditional Job Description
Goods Retailing
Zero-Based Budgeting
Observation
33. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Retail Information System
Need-Satisfaction Approach
Retailing Concept
Regression Model
34. There is more interactive relationship between a franchisor and a franchisee
Model Stock Approach
Business Format Franchising
Opportunity Costs
HRM Process
35. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Odd Pricing
Food-Based Superstore
Equal Store Organization
Differentiated Marketing
36. A retailer purposely adjusts markups by merchandise category
Prestige Pricing
Exclusive Distribution
Prototype Stores
Variable Markup Policy
37. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Direct Product Profitability (DPP)
Objective-and-Task Method
Price Elasticity of Demand
Retailing
38. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Sales Manager
Direct Product Profitability (DPP)
Cost-Oriented Pricing
Evaluation of Alternatives
39. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Simulation
Situation Analysis
Information Search
Value Delivery System
40. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Percentage-of-Sales Method
Central Business District
Evaluation of Alternatives
Consignment Purchase
41. Takes a customer-centered approach and presents "solutions" rather than "products"
Solution Selling
Social Responsibility
Price Lining
Hierarchy of Effects
42. Available within the company - sometimes from the data bank of a retail information system
Situation Analysis
Hierarchy of Authority
Internal Secondary Data
Social Responsibility
43. Used for products needing special handling
Retail Audit
Product Life Cycle
Storability Product Groupings
Factory Outlet
44. Involves an informal ranking of people based on income - occupation - education and other factors
Social Class
Objectives
Physical Inventory System
Bait-and-Switch Advertising
45. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Productivity
Conventional Supermarket
Goods Retailing
Minimum-Price Laws
46. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Curing (Free-Flowing) Traffic Flow
Advertising
Supercenter
Value (retailer)
47. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Reference Groups
Combination Store
Differentiated Marketing
Control Units
48. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Reverse Logistics
Objectives
Scrambled Merchandising
Direct Store Distribution (DSD)
49. The difference between net sales and the total cost of goods sold
Culture
Service Retailing
Gross Margin
Specialog
50. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Scrambled Merchandising
Point of Difference
World Wide Web
Competition-Oriented Pricing