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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. A way to collect - store and use relevant information about customers
Assortment Merchandise
Motives
Routine Decision Making
Data-Base Retailing
2. Depicts a product offering in a thematic manner and sets a specific mood
Retail Information System
Gap Analysis
Theme-Setting Display
Monthly Sales Index
3. Outlines a retailer's planned expenditures for a given time based on expected performance
Retail Information System
Product/Trademark Franchising
Budgeting
Analog Model
4. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Channel Control
Target Marketing
Traditional Job Description
Rented-Goods Services
5. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Data-Base Retailing
Net Sales
Consumer Behavior
Purchase Motivation Product Groupings
6. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Cut Case
All-You-Can-Afford Method
Financial Merchandise Management
Opportunistic Buying
7. 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
Cost of Method Accounting
Horizontal Retail Audit
All-You-Can-Afford Method
Food-Based Superstore
8. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Power Center
Hierarchy of Effects
Balanced Tenancy
Internet
9. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Supermarket
Maintained Markup
LIFO (last-in-first-out) Method
Operations Management
10. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Retail Strategy
Quick Response (QR) Inventory Planning
Straight (Gridiron) Traffic Flow
Functional Product Groupings
11. 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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12. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Operations Blueprint
Franchising
Prestige Pricing
Mystery Shoppers
13. Assumes new merchandise is sold first - while older stock remains in inventory
LIFO (last-in-first-out) Method
Price-Quality Association
Equal Store Organization
Competition-Oriented Pricing
14. The optimum site for a particular store
One-Hundred Percent Location
Retail Strategy
Supermarket
Image
15. The form of research in which present behavior or the results of past behavior are noted and recorded
Reilly's Law of Retailing Gravitation
Social Class
Observation
All-You-Can-Afford Method
16. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Nonstore Retailing
Sole Proprietorship
Bifurcated Retailing
Purchase Motivation Product Groupings
17. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Curing (Free-Flowing) Traffic Flow
Multiple-Unit Pricing
Target Marketing
Owned-Goods Services
18. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Equal Store Organization
Problem Awareness
Multi-Channel Retailing
Data-Base Management
19. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Sales Opportunity Grid
Taxes
Economic Base
Destination Retailer
20. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Sales Opportunity Grid
Storefront
Leader Pricing
Percentage-of-Sales Method
21. Consists of the regular products carried by a retailer
Mystery Shoppers
Regional Shopping Center
Staple Merchandise
Survey
22. Involves an informal ranking of people based on income - occupation - education and other factors
Electronic Banking
Horizontal Retail Audit
Social Class
Diversified Retailer
23. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Competitive Parity Method
Sorting Process
Employee Empowerment
24. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Threats
Electronic Data Interchange (EDI)
Horizontal Retail Audit
Leader Pricing
25. Shows the expected behavior of a good or service over its life
Downsizing
Objectives
Product Life Cycle
Logistics
26. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Sole Proprietorship
Forecasts
Hierarchy of Effects
Chargebacks
27. Payments that retailers require of vendors for providing shelf space
Slotting Allowances
Supervision
Neighborhood Shopping Center
Americans With Disabilities Act
28. Typically supervises the on-floor selling and operational activities for a specific retail department
Direct Marketing
Sales Manager
Wheel of Retailing
Incremental Method
29. Sets the guiding principles for all the merchandise decisions a retailers makes
Product Life Cycle
Merchandising
Supercenter
Merchandising Philosophy
30. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Relationship Retailing
Massed Promotion Effort
Reorder Point
Sales Promotion
31. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Regression Model
Customary Pricing
Private (dealer) Brands
Yield Management Pricing
32. A retail firm that is formally incorporated under state law
Diversified Retailer
Household Life Cycle
Total Retail Experience
Corporation
33. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Model Stock Approach
Price Lining
Gross Profit (margin)
Case Display
34. A retailers commitment to a type of business and to a distinctive role in the marketplace
Organizational Mission
Training Programs
Percentage-of-Sales Method
Automatic Reordering System
35. A cash or card operated retailing format that dispenses goods and services
Traditional Department Store
Retail Institution
Vending Machine
Data Mining
36. 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)
Stock-to-Sales Method
Markdown
Yield Management Pricing
Trading Area Overlap
37. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Bait-and-Switch Advertising
Retailing
Experiment
Percentage Variation Method
38. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Electronic Data Interchange (EDI)
Merchandise Available for Sale
Box (Limited-Line) Store
Advertising
39. Whereby a retailers sells to consumers through multiple retail formats
Net Lease
Balanced Tenancy
Multi-Channel Retailing
Assortment Display
40. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Product Life Cycle
Dual Marketing
Mass Merchandising
Debit Card System
41. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Scenario Analysis
Cost of Method Accounting
Gap Analysis
Fringe Trading Area
42. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Atmosphere (atmospherics)
Gross Profit (margin)
Goods/Service Category
Feedback
43. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Experiential Merchandising
Never-Out List
Hierarchy of Effects
RFID (radio frequency identification)
44. 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
Vertical Retail Audit
Customer Satisfaction
Solution Selling
Uncontrollable Variables
45. Retailers price selected items below cost to lure more customer traffic for those retailers
Problem Awareness
Productivity
Loss Leaders
Operations Management
46. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Marketing Research In Retailing
Destination Retailer
Goods/Service Category
Primary Trading Area
47. Appeals to price-conscious consumers - who must be members to shop there
Semantic Differential
Slotting Allowances
Logistics
Membership (Warehouse) Club
48. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Geographical Information System
Ethics
Frequency
Ease of Entry
49. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Food-Based Superstore
Box (Limited-Line) Store
Rationalized Retailing
Efficient Consumer Response (ECR)
50. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Data Warehousing
Rack Display
Intensive Distribution
Never-Out List