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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. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Primary Data
Fashion Merchandise
Neighborhood Business District
Semantic Differential
2. A planned shopping facility - with the largest store being a supermarket or a drugstore
Multiple-Unit Pricing
Human Resource Management
Forecasts
Neighborhood Shopping Center
3. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Power Center
RFID (radio frequency identification)
Term Occupancy
Scrambled Merchandising
4. Calls for precise rent increases over a stated period of time
Retail Promotion
Graduated Lease
Fad Merchandise
Expected Customer Service
5. The criteria used to assess effectiveness
Maintenance-Increase-Recoupment Lease
Net Worth
Rationalized Retailing
Performance Measures
6. Whereby suppliers sell through as many retailers as possible
Sales Manager
Physical Inventory System
Intensive Distribution
Markdown
7. A memorized - repetitive speech given to all customers interested in a particular item
Unit Pricing
Canned Sales Presentation
Assortment Merchandise
Gap Analysis
8. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Assets
Open Credit Account
Goal-Oriented Job Description
Ensemble Display
9. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Horizontal Cooperative Advertising Agreement
Electronic Point of Sale System
Private (dealer) Brands
Vertical Price Fixing
10. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Consignment Purchase
Compensation
Traditional Department Store
Full-Line Discount Store
11. 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
Traditional Job Description
Vertical Retail Audit
Equal Store Organization
Experiment
12. 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
Primary Trading Area
Mergers
Competitive Parity Method
Assortment Merchandise
13. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Marketing Research In Retailing
Massed Promotion Effort
Traditional Job Description
Atmosphere (atmospherics)
14. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Merchandising Philosophy
Personality
Quick Response (QR) Inventory Planning
Vertical Price Fixing
15. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Threats
Social Class
Retail Promotion
Constrained Decision Making
16. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Social Class
Horizontal Retail Audit
Strategy Mix
Full-Line Discount Store
17. Ways in which individual consumers and families live and spend time and money
Data Mining
Lifestyles
Variable Markup Policy
Business Format Franchising
18. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Customer Service
Trading Area
Niche Retailing
Cross-Shopping
19. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Outsourcing
Purchase Motivation Product Groupings
Internal Secondary Data
Monthly Sales Index
20. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Merchandise Available for Sale
Outsourcing
Cross-Merchandising
21. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Differentiated Marketing
Secondary Business District (SBD)
String
Net Sales
22. 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
Downsizing
Basic Stock List
Purchase Act
Point-of-Purchase Display
23. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Direct Selling
Secondary Data
Electronic Article Surveillance
Department Store
24. Focuses on the sale of tangible phoducts
Revolving Credit Account
Goods Retailing
Social Class
Robinson-Patman Act
25. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Hidden Assets
Physical Inventory System
Limited Decision Making
Weighted Application Blank
26. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Sales Opportunity Grid
Customer Service
Power Center
Taxes
27. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
Price-Quality Association
Dead Areas
Classification Merchandising
28. 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
Customary Pricing
Electronic Article Surveillance
Visual Merchandising
Mass Merchandising
29. A type of retail institution in which a retailers owns one retail unit
Trading Area
Independent
Vertical Retail Audit
Prototype Stores
30. Influence people's thought and behavior such as families - aspirational groups and membership groups
Category Killer
Mystery Shoppers
Reference Groups
Fad Merchandise
31. Consists of the regular products carried by a retailer
Customary Pricing
Chargebacks
Off-Price Chain
Staple Merchandise
32. A retailer charges the same price to all customers buying an item under similar conditions
Attitudes (Opinions)
Merchandise Available for Sale
One-Price Policy
Percentage Variation Method
33. A retailer carries more items than expects to sell over a specified period
Seasonal Merchandise
Basic Stock Method
Analog Model
Objectives
34. Assigns floor space on the basis of sales or profit per foot
Control
Impulse Purchases
Sales-Productivity Ratio
Information Search
35. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Strategy Mix
Tactics
Revolving Credit Account
Assortment
36. Determines the floor space necessary to carry and display a proper merchandise assortment
Marketing Research In Retailing
Model Stock Approach
Americans With Disabilities Act
Factory Outlet
37. Retailers price selected items below cost to lure more customer traffic for those retailers
Loss Leaders
Central Business District
Regional Shopping Center
Social Class
38. Objective - quantifiable - easily identifiable and measurable population data
Household Life Cycle
Publicity
Productivity
Demographics
39. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Canned Sales Presentation
Target Marketing
Opportunity Costs
Tactics
40. The reasons for a consumers behavior
Motives
Electronic Article Surveillance
Supermarket
Retail Institution
41. Marketplace opening that exist because other retailers have not yet capitalized on them
Trading Area Overlap
Opportunities
Atmosphere (atmospherics)
Consignment Purchase
42. Calls for all maintenance costs to be paid by the retailer
Width of Assortment
Primary Data
Net Lease
Battle of the Brands
43. 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
Scrambled Merchandising
Extended Decision Making
Taxes
44. 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
Gross Profit (margin)
Case Display
Employee Empowerment
Vending Machine
45. Depicts a product offering in a thematic manner and sets a specific mood
Theme-Setting Display
Trading Area
Customer Satisfaction
Retail Audit
46. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Non-probability Sample
Supply Chain
Assortment Display
Mass Merchandising
47. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Prototype Stores
Threats
Bifurcated Retailing
Everyday Low Pricing (EDLP)
48. Increases an item's original price because demand is unexpectedly high or costs are rising
Consignment Purchase
Survey
Dollar Control
Additional Markup
49. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Percentage Lease
Nongoods Services
Rack Display
Open-to-Buy
50. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Memorandum Purchase
PMs (Promotional or Push Monies)
Vertical Price Fixing
Efficient Consumer Response (ECR)