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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. 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
Balanced Tenancy
Dead Areas
Consumer Decision Process
Primary Trading Area
2. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Dump Bin
Mystery Shoppers
Efficient Consumer Response (ECR)
3. 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
Inventory Management
Data-Base Retailing
Impulse Purchases
Cost of Goods Sold
4. Influence people's thought and behavior such as families - aspirational groups and membership groups
Reference Groups
Operating Expenses
Supply Chain
Operating Expenditures
5. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Human Resource Management
Rationalized Retailing
Goal-Oriented Job Description
Household Life Cycle
6. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Reverse Logistics
Ease of Entry
HRM Process
Objectives
7. Whereby consumers lease and use goods for specified periods of time
Net Worth
Rented-Goods Services
Battle of the Brands
Box (Limited-Line) Store
8. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Taxes
Consignment Purchase
Width of Assortment
Robinson-Patman Act
9. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Neighborhood Shopping Center
Family Life Cycle
Memorandum Purchase
Efficient Consumer Response (ECR)
10. Depicts a product offering in a thematic manner and sets a specific mood
Micromerchandising
Theme-Setting Display
Power Center
Geographical Information System
11. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Neighborhood Business District
HRM Process
Goal-Oriented Job Description
All-You-Can-Afford Method
12. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Resident Buying Office
Value (customer)
Reference Groups
Merchandising
13. A retailers commitment to a type of business and to a distinctive role in the marketplace
Primary Trading Area
Visual Merchandising
Organizational Mission
Ethics
14. Exhibits heavier - bulkier items than a rack holds
Merchandising Philosophy
Case Display
Depth of Assortment
Cross-Merchandising
15. Involve the combination of separately owned retail firms
Mergers
Advertising
Sales Manager
Graduated Lease
16. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Application Blank
Operations Management
Community Shopping Center
Infomercial
17. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Depth of Assortment
Percentage Lease
Wheel of Retailing
Family Life Cycle
18. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Mass Merchandising
Operating Expenses
Quick Response (QR) Inventory Planning
Incremental Budgeting
19. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Semantic Differential
Massed Promotion Effort
Power Center
Factory Outlet
20. A memorized - repetitive speech given to all customers interested in a particular item
Computerized Checkout
Constrained Decision Making
Yield Management Pricing
Canned Sales Presentation
21. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Battle of the Brands
Percentage Lease
Dual Marketing
Product/Trademark Franchising
22. Describes how traditional family moves from bachelorhood to children to solitary retirement
Family Life Cycle
Retail Audit
Cut Case
Loss Leaders
23. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Price Lining
Attitudes (Opinions)
Marketing Research In Retailing
Predatory Pricing
24. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Neighborhood Business District
Culture
Contingency Pricing
Conventional Supermarket
25. Factors having a high relationship with job success are given more weight than others
Demand-Oriented Pricing
Family Life Cycle
Training Programs
Weighted Application Blank
26. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Consumer Behavior
Balanced Tenancy
Data-Base Management
27. Assumes new merchandise is sold first - while older stock remains in inventory
LIFO (last-in-first-out) Method
Cut Case
Box (Limited-Line) Store
Consumer Cooperative
28. Every store - product - or customer has an equal or known chance of being chosen for a study
Data-Base Retailing
Probability (Random) Sample
Experiential Merchandising
Cognitive Dissonance
29. Consists of products that sell well over nonconsecutive time periods
Bottom-Up Space Management Approach
Seasonal Merchandise
Off-Price Chain
Multiple-Unit Pricing
30. An unincorporated retail firm owned by one person
Bifurcated Retailing
FIFO (first-in-first-out) Method
Organizational Mission
Sole Proprietorship
31. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Percentage-of-Sales Method
HRM Process
External Secondary Data
Merchandise Available for Sale
32. Available within the company - sometimes from the data bank of a retail information system
Bottom-Up Space Management Approach
Nonstore Retailing
Internal Secondary Data
Equal Store Organization
33. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Electronic Banking
Marquee
Point of Difference
Nongoods Services
34. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
External Secondary Data
Service Retailing
Direct Marketing
Limited Decision Making
35. A retailer charges the same price to all customers buying an item under similar conditions
Net Worth
Electronic Point of Sale System
Retail Audit
One-Price Policy
36. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Electronic Banking
Markup Pricing
Direct Product Profitability (DPP)
Situation Analysis
37. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Cooperative Buying
Atmosphere (atmospherics)
Variety Store
Item Price Removal
38. A sign that displays the store's name
Electronic Data Interchange (EDI)
Marquee
Retail Life Cycle
Retail Institution
39. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Evaluation of Alternatives
Geographical Information System
Compensation
Variety Store
40. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Rationalized Retailing
Publicity
Demographics
Combination Store
41. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Rack Display
Storefront
Differentiated Marketing
Stimulus
42. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Retail Strategy
Public Relations
Evaluation of Alternatives
43. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Intensive Distribution
PMs (Promotional or Push Monies)
Consumer Protection
Financial Merchandise Management
44. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Conventional Supermarket
Multi-Channel Retailing
Odd Pricing
Planogram
45. A manufacturer and a retailer or a wholesales and a retailer share an ad
Niche Retailing
Vertical Cooperative Advertising Agreement
Consumer Protection
Category Killer
46. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Taxes
Demographics
Channel Control
Franchising
47. A retailer wants to maintain a specified ratio of goods on hand to sales
Retail Audit
Memorandum Purchase
Stock-to-Sales Method
Objectives
48. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Consumer Decision Process
Warehouse Store
Advertising
Service Retailing
49. A retail firm owned by its customer members
Memorandum Purchase
Consumer Cooperative
Conventional Supermarket
Membership (Warehouse) Club
50. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
Employee Empowerment
Infomercial
Price Lining
Constrained Decision Making