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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. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Service Retailing
Value Delivery System
Electronic Data Interchange (EDI)
Operations Management
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
Sales Opportunity Grid
Vertical Retail Audit
Total Retail Experience
Cost of Goods Sold
3. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Economic Base
Diversification
Resident Buying Office
Private (dealer) Brands
4. 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
Recruitment
Dual Marketing
Reach
Cost of Goods Sold
5. Outlines a retailer's planned expenditures for a given time based on expected performance
Top-Down Space Management Approach
Budgeting
Demographics
Horizontal Cooperative Advertising Agreement
6. Sets the guiding principles for all the merchandise decisions a retailers makes
Leased Department
Merchandising Philosophy
Liabilities
Retail Promotion
7. A multi-line firm operating under central ownership
Vending Machine
Organizational Mission
Diversified Retailer
Gross Margin
8. A retailers commitment to a type of business and to a distinctive role in the marketplace
Organizational Mission
Value Delivery System
Sales Opportunity Grid
Leader Pricing
9. The line of business in which a retailer operates
Retail Strategy
Pre-Training
Goods/Service Category
Micromerchandising
10. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Term Occupancy
Channel Control
Efficient Consumer Response (ECR)
Primary Data
11. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Human Resource Management
Mergers
Product Life Cycle
Diversified Retailer
12. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Cost of Goods Sold
Constrained Decision Making
Odd Pricing
Equal Store Organization
13. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Inventory Shrinkage
Retail Institution
Motives
Internet
14. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Situation Analysis
Personal Selling
Consumer Cooperative
Hierarchy of Effects
15. Displays merchandise by common end use
Product/Trademark Franchising
Department Store
Functional Product Groupings
Vertical Cooperative Advertising Agreement
16. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Open Credit Account
Goods/Service Category
Channel Control
Semantic Differential
17. Includes all the remaining customers - and they are the most widely dispersed
Book (Perpetual) Inventory System
Combination Store
Fringe Trading Area
Human Resource Management
18. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Operating Expenses
Open-to-Buy
Food-Based Superstore
String
19. The reasons for a consumers behavior
Affinity
Motives
Unit Control
Want Book (Want Slip)
20. The number of distinct people exposed to a retailers promotion efforts in a specific period
Customer Satisfaction
Contingency Pricing
Category Management
Reach
21. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Positioning
External Secondary Data
Horizontal Retail Audit
Traditional Department Store
22. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Feedback
Supply Chain
Performance Measures
Vending Machine
23. Projections of expected retail sales for given periods
Warehouse Store
Incremental Method
Forecasts
Open-to-Buy
24. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Point-of-Purchase Display
Retail Strategy
Assortment
Experiment
25. Selling goods and services to a broad spectrum of consumers
Secondary Business District (SBD)
Mass Marketing
Horizontal Retail Audit
Destination Retailer
26. 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
Odd Pricing
Horizontal Price Fixing
Human Resource Management
Reference Groups
27. Where a consumer must pay the bill in full when it is due
Open Credit Account
Compensation
Generic Brands
Incremental Method
28. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Value Chain
Motives
Storability Product Groupings
Variable Pricing
29. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
String
Mystery Shoppers
Horizontal Retail Audit
Assortment Merchandise
30. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Limited Decision Making
HRM Process
Reilly's Law of Retailing Gravitation
Conventional Supermarket
31. The aspects of business to which a retailers must adapt
Augmented Customer Service
Uncontrollable Variables
Video Kiosk
Merchandising Philosophy
32. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Concentrated Marketing
Ease of Entry
Retail Life Cycle
Fashion Merchandise
33. The mix of stores within a district or shopping center
Assortment Merchandise
Opportunities
Value Delivery System
Retail Balance
34. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Internet
Discretionary income
Customer Service
Niche Retailing
35. The criteria used to assess effectiveness
Limited Decision Making
Problem Awareness
Combination Store
Performance Measures
36. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Destination Retailer
Variable Markup Policy
Straight (Gridiron) Traffic Flow
Post-Purchase Behavior
37. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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38. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Budgeting
Electronic Article Surveillance
Net Sales
Compensation
39. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Selective Distribution
Economic Base
Objective-and-Task Method
Sales Manager
40. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Purchase Act
Gravity Model
Single-Channel Retailing
Incremental Method
41. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Cost-Oriented Pricing
Data-Base Retailing
Yield Management Pricing
Automatic Reordering System
42. When manufacturers and wholesales seek to control the retail prices of their goods and services
Quick Response (QR) Inventory Planning
Vertical Price Fixing
Initial Markup
Opportunistic Buying
43. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Internal Secondary Data
Bifurcated Retailing
Productivity
Supercenter
44. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Post-Purchase Behavior
Dual Marketing
Affinity
Household Life Cycle
45. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
Augmented Customer Service
Control
Yield Management Pricing
Cost-Oriented Pricing
46. A planned shopping facility - with the largest store being a supermarket or a drugstore
Leased Department
Secondary Trading Area
Job Motivation
Neighborhood Shopping Center
47. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Assortment Merchandise
Food-Based Superstore
Cross-Merchandising
Dead Areas
48. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Multiple-Unit Pricing
Floor-Ready Merchandise
Customer Service
Contingency Pricing
49. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Incremental Method
Operations Blueprint
Term Occupancy
Mystery Shoppers
50. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Full-Line Discount Store
Benchmarking
Outshopping
Convenience Store