SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 portion of revenues turned over to the federal - state and/or local government
Taxes
Hidden Assets
Sorting Process
Cross-Merchandising
2. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display
Mass Marketing
Core Customers
Central Business District
Vertical Retail Audit
3. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Percentage Variation Method
Variable Markup Policy
Predatory Pricing
Quick Response (QR) Inventory Planning
4. Has a primarily functional use: to neatly hang or present products
Rack Display
Efficient Consumer Response (ECR)
Semantic Differential
Cooperative Advertising
5. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Merchandising
Evaluation of Alternatives
Massed Promotion Effort
Multi-Channel Retailing
6. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Price Lining
Ethics
Predatory Pricing
Sole Proprietorship
7. The merchandise categories for which data are gathered
Value (customer)
Want Book (Want Slip)
Control Units
Fad Merchandise
8. 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
Diversified Retailer
Data Mining
Data Warehousing
Issue (problem) Definition
9. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Retailing Concept
Central Business District
Cooperative Advertising
Primary Trading Area
10. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Consumer Behavior
Business Format Franchising
Bifurcated Retailing
11. When a retailer looks at data that are collected to address the specific issue or problem under study
Primary Data
Distributed Promotion Effort
Data-Base Management
Cross-Shopping
12. 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
Corporation
Personality
Odd Pricing
Retail Balance
13. Every store - product - or customer has an equal or known chance of being chosen for a study
Mazur Plan
Flexible Pricing
Probability (Random) Sample
Dollar Control
14. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Reilly's Law of Retailing Gravitation
Retailing Concept
Net Worth
Top-Down Space Management Approach
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
Tactics
Monthly Sales Index
Survey
Gap Analysis
16. Suppliers sell through a moderate number of retailers
Quick Response (QR) Inventory Planning
Selective Distribution
Equal Store Organization
Competition-Oriented Pricing
17. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Economic Base
Purchase Act
Organization Chart
Pre-Training
18. A merchandising technique that some firms use to improve productivity
Category Management
Vendor-Managed Inventory (VMI)
Value Chain
Planogram
19. Determines the floor space necessary to carry and display a proper merchandise assortment
Tactics
Model Stock Approach
Rationalized Retailing
Fringe Trading Area
20. Objective - quantifiable - easily identifiable and measurable population data
Retail Promotion
Reilly's Law of Retailing Gravitation
Demographics
Weighted Application Blank
21. Consists of products that sell well over nonconsecutive time periods
Equal Store Organization
Seasonal Merchandise
Opportunity Costs
Universal Product Code (UPC)
22. The criteria used to assess effectiveness
Weighted Application Blank
Affinity
Performance Measures
Ease of Entry
23. the drive within people to attain work-related goals - can be positive or negative
Value (retailer)
String
Job Motivation
Cooperative Buying
24. 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
Electronic Article Surveillance
Competitive Parity Method
Storefront
Ease of Entry
25. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Order-Getting Salesperson
Warehouse Store
Quick Response (QR) Inventory Planning
Maintained Markup
26. The profit earned after all costs and taxes have been deducted
Net Profit After Taxes
Lifestyles
Horizontal Retail Audit
Off-Price Chain
27. Short-term selling and administrative costs in running a business
Point of Difference
Operating Expenditures
Flexible Pricing
One-Price Policy
28. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Rack Display
Percentage-of-Sales Method
Customary Pricing
Variable Markup Policy
29. The manner of providing a job environment that encourages employee accomplishment
Point of Difference
Multi-Channel Retailing
Supervision
Secondary Data
30. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Community Shopping Center
Horizontal Retail Audit
Open-to-Buy
Retail Strategy
31. Out-of-hometown shopping - is important for both local and surrounding retailers
Inventory Shrinkage
Information Search
Ethics
Outshopping
32. 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
Intensive Distribution
Direct Store Distribution (DSD)
Bifurcated Retailing
33. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Mass Merchandising
Value (customer)
Option Credit Account
Customer Satisfaction
34. 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
Destination Retailer
Markdown
Consumer Behavior
Straight (Gridiron) Traffic Flow
35. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting
Reilly's Law of Retailing Gravitation
Simulation
Marquee
Never-Out List
36. 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
Attitudes (Opinions)
Application Blank
Price Elasticity of Demand
Automatic Reordering System
37. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Electronic Banking
Dead Areas
Intensive Distribution
Single-Channel Retailing
38. Refers to the variety in any one good/service (product line) a retailer carries
Retail Balance
Depth of Assortment
Percentage Variation Method
One-Price Policy
39. The mix of stores within a district or shopping center
Retail Balance
Distributed Promotion Effort
Quick Response (QR) Inventory Planning
Relationship Retailing
40. Where the same customers are served by both branches
Trading Area Overlap
Scenario Analysis
Vertical Retail Audit
Problem Awareness
41. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Gap Analysis
Cost of Goods Sold
Markup Pricing
Threats
42. A food-based discounter offering a moderate number of food items in a no-frills setting
Contingency Pricing
Experiment
Cost of Goods Sold
Warehouse Store
43. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Pre-Training
Vertical Marketing System
Variable Pricing
Family Life Cycle
44. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Controllable Variables
Memorandum Purchase
Vendor-Managed Inventory (VMI)
Direct Selling
45. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Operations Management
Strategy Mix
Generic Brands
Competition-Oriented Pricing
46. 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
Computerized Checkout
Electronic Article Surveillance
Purchase Motivation Product Groupings
Manufacturer (national) Brands
47. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Equal Store Organization
Data-Base Retailing
Multiple-Unit Pricing
Discretionary income
48. A retailer purposely adjusts markups by merchandise category
Controllable Variables
Tactics
Traditional Department Store
Variable Markup Policy
49. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Observation
Width of Assortment
Retailing Concept
Customer Satisfaction
50. 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
Power Center
Weeks' Supply Method
Variable Pricing
Purchase Act