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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. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Floor-Ready Merchandise
Case Display
Owned-Goods Services
Direct Selling
2. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
LIFO (last-in-first-out) Method
Conventional Supermarket
Purchase Motivation Product Groupings
Geographical Information System
3. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Food-Based Superstore
Video Kiosk
Reach
Value Delivery System
4. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Solution Selling
Storability Product Groupings
Threats
Intensive Distribution
5. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Channel of Distribution
Order-Getting Salesperson
Direct Selling
Combination Store
6. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Percentage-of-Sales Method
Horizontal Retail Audit
Job Motivation
Planogram
7. Doubt that the correct decision has been made
All-You-Can-Afford Method
Data-Base Retailing
Cognitive Dissonance
Hierarchy of Effects
8. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Competition-Oriented Pricing
Computerized Checkout
Value (customer)
Monthly Sales Index
9. 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
Secondary Business District (SBD)
Expected Customer Service
Odd Pricing
Graduated Lease
10. The mix of stores within a district or shopping center
Retail Balance
Organization Chart
Core Customers
Total Retail Experience
11. Any item a retailer owns with monetary value
Bifurcated Retailing
Slotting Allowances
Direct Store Distribution (DSD)
Assets
12. The cost of running a retail business
Operating Expenses
Semantic Differential
Markup Pricing
Controllable Variables
13. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Destination Retailer
Sales Manager
Vertical Retail Audit
Tactics
14. Incorporates life stages for both family and non-family households
Staple Merchandise
Household Life Cycle
Word of Mouth (WOM)
Sorting Process
15. Merchandise that generates high sales over a short time
Cooperative Advertising
Nongoods Services
Fad Merchandise
One-Price Policy
16. The number of distinct people exposed to a retailers promotion efforts in a specific period
Reach
Book (Perpetual) Inventory System
Augmented Customer Service
Rack Display
17. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Retail Institution
Curing (Free-Flowing) Traffic Flow
Post-Purchase Behavior
Multi-Channel Retailing
18. The extent to which a person desires and pursues social status
Cross-Shopping
Class Consciousness
Compensation
Minimum-Price Laws
19. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period
Gravity Model
Dollar Control
Basic Stock List
Objectives
20. Lets consumers bargain over prices; those who are good at it obtain lower prices
Supercenter
Outsourcing
Order-Getting Salesperson
Flexible Pricing
21. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Internal Secondary Data
Human Resource Management
Situation Analysis
Reverse Logistics
22. Typically supervises the on-floor selling and operational activities for a specific retail department
Traditional Job Description
Horizontal Retail Audit
Retail Strategy
Sales Manager
23. Whereby suppliers sell through as many retailers as possible
Impulse Purchases
Intensive Distribution
Value (retailer)
Hierarchy of Authority
24. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Total Retail Experience
Application Blank
Concentrated Marketing
Control
25. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Equal Store Organization
Downsizing
Category Killer
26. Logically assumes old merchandise is sold first - while newer items remain in inventory
FIFO (first-in-first-out) Method
Employee Empowerment
Merchandise Available for Sale
Visual Merchandising
27. Relates to the quantites of merchandise a retailer handles during a stated period
Unit Control
Open Credit Account
PMs (Promotional or Push Monies)
Financial Merchandise Management
28. 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
Probability (Random) Sample
Retail Organization
Word of Mouth (WOM)
Feedback
29. Concentrates on selling one goods or service line - such as young women's apparel
Operations Blueprint
Percentage-of-Sales Method
Maintained Markup
Specialty Store
30. When retailers count on suppliers to participate in their inventory management programs
Sales Promotion
Incremental Budgeting
Scrambled Merchandising
Vendor-Managed Inventory (VMI)
31. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Situation Analysis
Canned Sales Presentation
Prestige Pricing
Computerized Checkout
32. Selling goods and services to a broad spectrum of consumers
Sorting Process
Mass Marketing
Vertical Marketing System
Minimum-Price Laws
33. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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34. A retailers best customers
Core Customers
Graduated Lease
Liabilities
Robinson-Patman Act
35. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Debit Card System
Initial Markup
Experiment
36. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Control
Never-Out List
Order-Getting Salesperson
Maintenance-Increase-Recoupment Lease
37. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Category Management
Objective-and-Task Method
Width of Assortment
Word of Mouth (WOM)
38. 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
Target Marketing
Micromarketing
Visual Merchandising
Open Credit Account
39. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Multiple-Unit Pricing
Control
Depth of Assortment
Percentage Variation Method
40. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Observation
Nonstore Retailing
Variable Pricing
Video Kiosk
41. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Conventional Supermarket
Threats
Automatic Reordering System
Incremental Method
42. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Observation
Gross Margin
Internet
Diversification
43. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Fad Merchandise
Niche Retailing
Visual Merchandising
Straight (Gridiron) Traffic Flow
44. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Battle of the Brands
Geographical Information System
Consumer Loyalty (Frequent Shopper) Programs
Value (customer)
45. Increases an item's original price because demand is unexpectedly high or costs are rising
Word of Mouth (WOM)
Economic Base
Experiential Merchandising
Additional Markup
46. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Augmented Customer Service
Cost of Method Accounting
Micromarketing
Retail Institution
47. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Ethics
Frequency
Sales Opportunity Grid
Problem Awareness
48. Whereby goods owned by consumers are repaired - improved - or maintained
Organizational Mission
Owned-Goods Services
Retail Life Cycle
Assets
49. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Operating Expenses
Cost of Goods Sold
Multiple-Unit Pricing
Weeks' Supply Method
50. A retailer wants to maintain a specified ratio of goods on hand to sales
Direct Selling
Stock-to-Sales Method
Gross Margin
Opportunity Costs