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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. Mandates that persons with disabilities be given appropriate access to retailing facilities
Americans With Disabilities Act
Automatic Reordering System
Ease of Entry
Reorder Point
2. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Customer Loyalty
Depth of Assortment
Automatic Reordering System
Demand-Oriented Pricing
3. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Economic Base
Minimum-Price Laws
Customer Loyalty
Markdown
4. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Micromarketing
Service Retailing
PMs (Promotional or Push Monies)
Ease of Entry
5. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Dual Marketing
Mergers
Price Lining
Cross-Shopping
6. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
Value (customer)
Value Chain
Ethics
7. 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
Incremental Method
Analog Model
Scenario Analysis
Franchising
8. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Image
Compensation
Vertical Marketing System
Straight (Gridiron) Traffic Flow
9. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Retail Promotion
Scrambled Merchandising
Sales Promotion
Hierarchy of Authority
10. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Universal Product Code (UPC)
Vending Machine
Open Credit Account
11. A merchandising technique that some firms use to improve productivity
Everyday Low Pricing (EDLP)
Vertical Cooperative Advertising Agreement
Category Management
Uncontrollable Variables
12. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Product Life Cycle
Retail Balance
Unit Pricing
Price Elasticity of Demand
13. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Distributed Promotion Effort
Vertical Cooperative Advertising Agreement
Internal Secondary Data
Computerized Checkout
14. A retailer wants to maintain a specified ratio of goods on hand to sales
Sorting Process
Stock-to-Sales Method
Variable Markup Policy
Job Motivation
15. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Advertising
Recruitment
Internet
Secondary Data
16. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
PMs (Promotional or Push Monies)
Competitive Parity Method
Motives
Leader Pricing
17. The portion of revenues turned over to the federal - state and/or local government
Cooperative Advertising
Taxes
Membership (Warehouse) Club
Solution Selling
18. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Markup Pricing
Purchase Act
Strategy Mix
Internal Secondary Data
19. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Retail Method of Accounting
Variable Pricing
Horizontal Retail Audit
Everyday Low Pricing (EDLP)
20. 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
Data Mining
Motives
Benchmarking
Massed Promotion Effort
21. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Ensemble Display
Recruitment
Curing (Free-Flowing) Traffic Flow
Consumer Cooperative
22. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Organization Chart
Floor-Ready Merchandise
Secondary Trading Area
Goal-Oriented Job Description
23. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Direct Selling
Electronic Data Interchange (EDI)
Model Stock Approach
Traditional Department Store
24. Marketplace opening that exist because other retailers have not yet capitalized on them
Additional Markup
Opportunities
Net Worth
Hierarchy of Effects
25. Lets consumers bargain over prices; those who are good at it obtain lower prices
Flexible Pricing
Central Business District
Diversification
Horizontal Cooperative Advertising Agreement
26. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Mazur Plan
Limited Decision Making
Operating Expenses
Consumer Cooperative
27. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Marketing Research In Retailing
Channel of Distribution
Consumer Cooperative
Outshopping
28. 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
Compensation
Supermarket
Electronic Banking
29. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Incremental Budgeting
Percentage Lease
Merchandise Available for Sale
Storability Product Groupings
30. A sign that displays the store's name
Value (customer)
Marquee
Theme-Setting Display
Point-of-Purchase Display
31. Assigns floor space on the basis of sales or profit per foot
Dual Marketing
Vendor-Managed Inventory (VMI)
Secondary Business District (SBD)
Sales-Productivity Ratio
32. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Niche Retailing
Cooperative Buying
Organization Chart
Dead Areas
33. Available from sources outside the firm
Cost-Oriented Pricing
External Secondary Data
Tactics
Horizontal Cooperative Advertising Agreement
34. The overall plan guiding a retail firm
Never-Out List
Vendor-Managed Inventory (VMI)
Trading Area Overlap
Retail Strategy
35. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Destination Retailer
Cost of Method Accounting
Customer Satisfaction
Business Format Franchising
36. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Sorting Process
Neighborhood Business District
Demand-Oriented Pricing
Combination Store
37. Selling goods and services to a broad spectrum of consumers
Target Marketing
Reference Groups
Retail Strategy
Mass Marketing
38. Exhibits heavier - bulkier items than a rack holds
Odd Pricing
Case Display
Computerized Checkout
Service Retailing
39. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Trading Area Overlap
Horizontal Cooperative Advertising Agreement
Storefront
Book (Perpetual) Inventory System
40. A type of retail institution that is a department in a retail store that is rented to an outside party
Demographics
Variable Markup Policy
Leased Department
Publicity
41. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Application Blank
Loss Leaders
Selective Distribution
42. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Off-Price Chain
Customer Service
Micromerchandising
Nongoods Services
43. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Supervision
Bait-and-Switch Advertising
Cut Case
Zero-Based Budgeting
44. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Business Format Franchising
Power Center
Retail Organization
Ethics
45. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Owned-Goods Services
Balanced Tenancy
Percentage-of-Sales Method
Cross-Shopping
46. Payments that retailers require of vendors for providing shelf space
Class Consciousness
Slotting Allowances
Marketing Research In Retailing
Data-Base Retailing
47. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Leased Department
Nonstore Retailing
Goal-Oriented Job Description
Hidden Assets
48. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Consumer Decision Process
Electronic Point of Sale System
Unit Pricing
Full-Line Discount Store
49. The aspects of business that a firm can directly affect
Controllable Variables
Lifestyles
Additional Markup
Routine Decision Making
50. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Merchandising Philosophy
Micromerchandising
Warehouse Store
Need-Satisfaction Approach