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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 in a city or town that is usually bounded by the intersection of two major streets
Floor-Ready Merchandise
Regression Model
Secondary Business District (SBD)
Cooperative Buying
2. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Personal Selling
Stock Turnover
Prestige Pricing
Sales-Productivity Ratio
3. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Ease of Entry
Multi-Channel Retailing
String
Price Lining
4. The efficiency with which a retail strategy is carried out
Dead Areas
Productivity
Straight (Gridiron) Traffic Flow
Semantic Differential
5. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Vertical Retail Audit
Gap Analysis
Flea Market
Order-Taking Salesperson
6. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Assets
Solution Selling
Post-Purchase Behavior
Book (Perpetual) Inventory System
7. Graphically displays its hierarchical relationships created by a retailer
Organization Chart
Personality
Retail Audit
Case Display
8. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Market Segment Product Groupings
Storability Product Groupings
Cut Case
Retail Audit
9. Every store - product - or customer has an equal or known chance of being chosen for a study
Primary Trading Area
Open Credit Account
Perceived Risk
Probability (Random) Sample
10. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Atmosphere (atmospherics)
Non-probability Sample
Secondary Trading Area
Owned-Goods Services
11. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Constrained Decision Making
Customary Pricing
One-Hundred Percent Location
Vertical Price Fixing
12. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Combination Store
Data Mining
Bottom-Up Space Management Approach
Forecasts
13. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
Operations Blueprint
Manufacturer (national) Brands
Internet
Vertical Retail Audit
14. The cost of running a retail business
Electronic Banking
Gap Analysis
Operating Expenses
Leader Pricing
15. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Inventory Shrinkage
Specialty Store
Maintained Markup
Chargebacks
16. A type of retail institution that is a department in a retail store that is rented to an outside party
Leased Department
Americans With Disabilities Act
Secondary Trading Area
Private (dealer) Brands
17. Information is systematically gathered from respondents by communicating with them
Trading Area Overlap
Markdown
Exclusive Distribution
Survey
18. 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
Financial Merchandise Management
Stock-to-Sales Method
Operating Expenditures
Cost of Goods Sold
19. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Data-Base Management
Ethics
Quick Response (QR) Inventory Planning
Extended Decision Making
20. Places together various items that appeal to a given target market
Computerized Checkout
Variable Markup Policy
Market Segment Product Groupings
Efficient Consumer Response (ECR)
21. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Service Retailing
All-You-Can-Afford Method
Food-Based Superstore
Job Analysis
22. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Ethics
Consumer Behavior
Direct Store Distribution (DSD)
Rack Display
23. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Control
Reverse Logistics
Basic Stock List
Retail Organization
24. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Dead Areas
Balanced Tenancy
Impulse Purchases
Culture
25. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Retail Balance
Relationship Retailing
Public Relations
Additional Markup
26. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Dollar Control
Graduated Lease
Supercenter
Marketing Research In Retailing
27. An unincorporated retail firm owned by one person
Opportunity Costs
Survey
Internet
Sole Proprietorship
28. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Specialty Store
Operating Expenditures
Direct Marketing
Multi-Channel Retailing
29. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Conventional Supermarket
Diversification
Value Delivery System
Dollar Control
30. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Cross-Shopping
Exclusive Distribution
All-You-Can-Afford Method
Monthly Sales Index
31. A retailer sets its prices in accordance with competitors'
Massed Promotion Effort
Relationship Retailing
Leader Pricing
Competition-Oriented Pricing
32. The basic format or structure of a business
Trading Area
Consignment Purchase
Expected Customer Service
Retail Institution
33. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Generic Brands
Affinity
Customer Loyalty
Memorandum Purchase
34. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Retail Balance
Infomercial
Channel of Distribution
Positioning
35. The manner of providing a job environment that encourages employee accomplishment
Monthly Sales Index
Zero-Based Budgeting
Percentage-of-Sales Method
Supervision
36. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Scenario Analysis
Productivity
Budgeting
Nongoods Services
37. The customer group sought by a retailer
Exclusive Distribution
Automatic Reordering System
Assortment Display
Target Marketing
38. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Opportunities
Micromarketing
Traditional Department Store
Secondary Trading Area
39. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Generic Brands
Assets
Internal Secondary Data
40. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Food-Based Superstore
Strategy Mix
Value (retailer)
Off-Price Chain
41. A case that holds piles of sale clothing - marked down books or other products
Organizational Mission
Dump Bin
Cross-Shopping
Objective-and-Task Method
42. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Control Units
Direct Marketing
Lifestyle Center
Scrambled Merchandising
43. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Culture
Physical Inventory System
Atmosphere (atmospherics)
Traditional Job Description
44. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Sorting Process
Open-to-Buy
Equal Store Organization
Goods Retailing
45. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Consumer Loyalty (Frequent Shopper) Programs
Option Credit Account
Benchmarking
Retail Strategy
46. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Distributed Promotion Effort
Private (dealer) Brands
Department Store
Automatic Reordering System
47. Whereby a retailers sells to consumers through multiple retail formats
Hierarchy of Effects
Battle of the Brands
Multi-Channel Retailing
Net Sales
48. A listing of bipolar adjectives scales
Experiential Merchandising
Semantic Differential
Electronic Data Interchange (EDI)
Theme-Setting Display
49. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Data-Base Management
Case Display
Supermarket
Value Chain
50. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Value Delivery System
Objectives
Purchase Act
Total Retail Experience