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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. Used by retailers that promote seasonally
Operations Blueprint
Minimum-Price Laws
Customer Loyalty
Massed Promotion Effort
2. Used for products needing special handling
Factory Outlet
Sorting Process
Storability Product Groupings
Personal Selling
3. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
Odd Pricing
Seasonal Merchandise
Expected Customer Service
4. A type of retail institution that is a department in a retail store that is rented to an outside party
Stock-to-Sales Method
Retail Audit
Leased Department
Secondary Data
5. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Routine Decision Making
Social Class
Maintained Markup
Taxes
6. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Tactics
Consumer Protection
Economic Base
Point of Difference
7. Marketplace opening that exist because other retailers have not yet capitalized on them
Multiple-Unit Pricing
Opportunities
Electronic Banking
Customary Pricing
8. The cost of running a retail business
Prestige Pricing
Central Business District
Product/Trademark Franchising
Operating Expenses
9. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
Operating Expenses
Cost of Goods Sold
Solution Selling
10. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Open-to-Buy
Evaluation of Alternatives
Application Blank
Retail Promotion
11. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth
Differentiated Marketing
Basic Stock List
Hidden Assets
Demographics
12. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Option Credit Account
Primary Trading Area
Direct Store Distribution (DSD)
Strategy Mix
13. Actively involved with informing and persuading customers in closing sales
Destination Retailer
Value (customer)
Order-Getting Salesperson
Intensive Distribution
14. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Cost-Oriented Pricing
Need-Satisfaction Approach
Vertical Retail Audit
Bait-and-Switch Advertising
15. A cash or card operated retailing format that dispenses goods and services
Experiential Merchandising
Culture
Marketing Research In Retailing
Vending Machine
16. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Augmented Customer Service
Simulation
Ensemble Display
Depth of Assortment
17. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Strategy Mix
Equal Store Organization
Supermarket
Incremental Method
18. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Consumer Protection
Purchase Act
Vendor-Managed Inventory (VMI)
Stock Turnover
19. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Horizontal Price Fixing
Cognitive Dissonance
Sole Proprietorship
Net Worth
20. Objective - quantifiable - easily identifiable and measurable population data
Demographics
Assortment
Book (Perpetual) Inventory System
Goods Retailing
21. A retailers best customers
Consumer Decision Process
Core Customers
Bait-and-Switch Advertising
Term Occupancy
22. A retailers commitment to a type of business and to a distinctive role in the marketplace
Stock-to-Sales Method
Organizational Mission
Post-Purchase Behavior
Cost-Oriented Pricing
23. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Household Life Cycle
Relationship Retailing
Assortment Display
Electronic Data Interchange (EDI)
24. 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
Frequency
Independent
Organization Chart
Chain
25. Logically assumes old merchandise is sold first - while newer items remain in inventory
Warehouse Store
Demographics
One-Price Policy
FIFO (first-in-first-out) Method
26. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Channel of Distribution
Dual Marketing
Net Sales
Image
27. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Curing (Free-Flowing) Traffic Flow
Uncontrollable Variables
Manufacturer (national) Brands
Strategy Mix
28. The profit earned after all costs and taxes have been deducted
Electronic Banking
Consumer Loyalty (Frequent Shopper) Programs
Service Retailing
Net Profit After Taxes
29. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Employee Empowerment
Robinson-Patman Act
Ease of Entry
Net Profit After Taxes
30. Describes how traditional family moves from bachelorhood to children to solitary retirement
Multi-Channel Retailing
Positioning
Family Life Cycle
Basic Stock Method
31. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Threats
Net Worth
Diversification
Assortment
32. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Floor-Ready Merchandise
Ease of Entry
Outshopping
Product Life Cycle
33. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Customer Service
Unit Control
Supervision
Cost of Goods Sold
34. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Value Delivery System
RFID (radio frequency identification)
Gap Analysis
Net Worth
35. Every store - product - or customer has an equal or known chance of being chosen for a study
Social Responsibility
Probability (Random) Sample
Conventional Supermarket
Gross Margin
36. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Niche Retailing
Family Life Cycle
Concentrated Marketing
Secondary Data
37. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Variable Pricing
Nongoods Services
Depth of Assortment
Leased Department
38. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Markdown
Assortment Merchandise
Weighted Application Blank
Initial Markup
39. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Objectives
External Secondary Data
FIFO (first-in-first-out) Method
Fashion Merchandise
40. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Computerized Checkout
Scrambled Merchandising
Variable Pricing
Minimum-Price Laws
41. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Ethics
Ensemble Display
Open-to-Buy
Extended Decision Making
42. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Supermarket
Huff's Law of Shopper Attraction
String
Rented-Goods Services
43. 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
Chargebacks
Bait-and-Switch Advertising
Point-of-Purchase Display
Markdown
44. Short-term selling and administrative costs in running a business
Operations Management
Memorandum Purchase
Operating Expenditures
Product Life Cycle
45. Appeals to price-conscious consumers - who must be members to shop there
Hierarchy of Effects
Competition-Oriented Pricing
Financial Merchandise Management
Membership (Warehouse) Club
46. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Ease of Entry
Simulation
Gross Margin
Geographical Information System
47. A planned shopping facility - with the largest store being a supermarket or a drugstore
Consumer Cooperative
Mass Marketing
Neighborhood Shopping Center
Social Class
48. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
FIFO (first-in-first-out) Method
Americans With Disabilities Act
Percentage-of-Sales Method
All-You-Can-Afford Method
49. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Limited Decision Making
Cost-Oriented Pricing
Social Responsibility
Information Search
50. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Operations Management
Merchandising
Top-Down Space Management Approach
Chain