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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 all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Partnership
Total Retail Experience
Book (Perpetual) Inventory System
Publicity
2. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
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3. A manufacturer and a retailer or a wholesales and a retailer share an ad
Supply Chain
Culture
Geographical Information System
Vertical Cooperative Advertising Agreement
4. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Community Shopping Center
Bottom-Up Space Management Approach
Marketing Research In Retailing
Social Responsibility
5. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Option Credit Account
Secondary Trading Area
Multi-Channel Retailing
Trading Area
6. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Exclusive Distribution
Data-Base Management
Retail Life Cycle
Unit Pricing
7. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Gravity Model
Cost of Goods Sold
Automatic Reordering System
Objective-and-Task Method
8. A memorized - repetitive speech given to all customers interested in a particular item
Net Profit After Taxes
Markup Pricing
Direct Product Profitability (DPP)
Canned Sales Presentation
9. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Social Responsibility
Budgeting
Leased Department
Ensemble Display
10. Occurs when a consumer makes full use of the decision process
Wheel of Retailing
Extended Decision Making
Franchising
Diversified Retailer
11. Embodied by a series of activities and processes that provides a certain value for the consumer
Value (retailer)
Retail Balance
Category Killer
Full-Line Discount Store
12. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Attitudes (Opinions)
String
Strategy Mix
Gravity Model
13. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Human Resource Management
Revolving Credit Account
Electronic Point of Sale System
Channel Control
14. The portion of revenues turned over to the federal - state and/or local government
Incremental Budgeting
Taxes
Strategy Mix
Odd Pricing
15. 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
One-Hundred Percent Location
Customer Service
Trading Area
16. The overall plan or framework of action that guides a retailer
Retail Strategy
Factory Outlet
Positioning
Organizational Mission
17. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Point of Difference
Consumer Behavior
Unit Pricing
Retail Strategy
18. Places together various items that appeal to a given target market
Market Segment Product Groupings
Recruitment
Electronic Point of Sale System
Service Retailing
19. A retailer wants to maintain a specified ratio of goods on hand to sales
Stock-to-Sales Method
Mazur Plan
Warehouse Store
Never-Out List
20. Beginning inventory - purchases - and transportation charges equal the cost of this
Vertical Price Fixing
Information Search
Merchandise Available for Sale
Term Occupancy
21. 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
Personal Selling
Impulse Purchases
Specialog
Cognitive Dissonance
22. The aspects of business to which a retailers must adapt
Constrained Decision Making
FIFO (first-in-first-out) Method
Uncontrollable Variables
Visual Merchandising
23. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Horizontal Cooperative Advertising Agreement
Marquee
Balanced Tenancy
Inventory Management
24. Zeroing in on one specific group
Concentrated Marketing
Order-Taking Salesperson
Objectives
Diversification
25. 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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26. Out-of-hometown shopping - is important for both local and surrounding retailers
Slotting Allowances
Outshopping
Primary Trading Area
Direct Selling
27. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Power Center
Control Units
Ensemble Display
Dual Marketing
28. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Power Center
Destination Retailer
Box (Limited-Line) Store
Hierarchy of Effects
29. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Ease of Entry
Cross-Shopping
Experiential Merchandising
Downsizing
30. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Internal Secondary Data
Niche Retailing
Outsourcing
31. A food-based discounter offering a moderate number of food items in a no-frills setting
Chargebacks
Outsourcing
Net Profit After Taxes
Warehouse Store
32. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Specialog
Supercenter
Maintained Markup
Percentage Variation Method
33. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Reorder Point
Simulation
Gap Analysis
Gravity Model
34. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Secondary Data
Culture
Regression Model
Primary Data
35. The efficiency with which a retail strategy is carried out
Retail Organization
Planogram
Productivity
Membership (Warehouse) Club
36. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Consumer Loyalty (Frequent Shopper) Programs
Bottom-Up Space Management Approach
Classification Merchandising
Additional Markup
37. 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
Impulse Purchases
Retail Organization
Price Lining
Horizontal Price Fixing
38. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Vertical Marketing System
Americans With Disabilities Act
Debit Card System
Information Search
39. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Bifurcated Retailing
Sales Opportunity Grid
Nongoods Services
Planogram
40. The service level that customers want to receive from any retailer - such as basic employee courtesy
Product/Trademark Franchising
Variable Markup Policy
Expected Customer Service
Sales-Productivity Ratio
41. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Leader Pricing
Consumer Protection
Recruitment
Assets
42. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Issue (problem) Definition
Budgeting
Cooperative Advertising
Multi-Channel Retailing
43. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Electronic Article Surveillance
Niche Retailing
Retail Promotion
Initial Markup
44. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Regression Model
Direct Selling
Order-Getting Salesperson
Solution Selling
45. The merchandise categories for which data are gathered
Control Units
Balanced Tenancy
Dual Marketing
Mergers
46. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Evaluation of Alternatives
Item Price Removal
Regression Model
Post-Purchase Behavior
47. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Organization Chart
Full-Line Discount Store
Motives
Expected Customer Service
48. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Yield Management Pricing
Infomercial
Prestige Pricing
Hidden Assets
49. Occurs when one consumer talks to others; can build a chain of customers
Public Relations
Loss Leaders
Memorandum Purchase
Word of Mouth (WOM)
50. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Functional Product Groupings
Box (Limited-Line) Store
Price Elasticity of Demand
Planogram