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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. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Automatic Reordering System
Multi-Channel Retailing
Functional Product Groupings
Additional Markup
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
One-Price Policy
Data Mining
Incremental Budgeting
Demand-Oriented Pricing
3. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Secondary Trading Area
Sales Manager
Word of Mouth (WOM)
Gross Profit (margin)
4. Takes a customer-centered approach and presents "solutions" rather than "products"
Solution Selling
Incremental Budgeting
Supply Chain
Vertical Cooperative Advertising Agreement
5. Projections of expected retail sales for given periods
Concentrated Marketing
Cooperative Advertising
Resident Buying Office
Forecasts
6. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Mazur Plan
Consumer Protection
Vertical Cooperative Advertising Agreement
Need-Satisfaction Approach
7. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Intensive Distribution
Retail Balance
Retail Life Cycle
Power Center
8. The criteria used to assess effectiveness
Scrambled Merchandising
Target Marketing
Unit Control
Performance Measures
9. Competition between manufacturers and retailers for shelf space and profits
Market Segment Product Groupings
Battle of the Brands
Consumer Protection
Dollar Control
10. The reasons for a consumers behavior
Net Lease
Motives
Case Display
Sales-Productivity Ratio
11. Involve the combination of separately owned retail firms
Value Chain
Variable Markup Policy
Mergers
Retail Balance
12. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Width of Assortment
Scrambled Merchandising
Primary Trading Area
Off-Price Chain
13. Available within the company - sometimes from the data bank of a retail information system
Case Display
Internal Secondary Data
Supercenter
Term Occupancy
14. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Situation Analysis
Operations Blueprint
Motives
Single-Channel Retailing
15. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Mazur Plan
Gross Profit (margin)
Financial Merchandise Management
Markup Pricing
16. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Regression Model
Sales Promotion
Micromerchandising
Exclusive Distribution
17. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Chargebacks
Value (customer)
Expected Customer Service
Partnership
18. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Retailing
Problem Awareness
Concentrated Marketing
Trading Area Overlap
19. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Item Price Removal
Purchase Motivation Product Groupings
Sole Proprietorship
Cooperative Buying
20. 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
Minimum-Price Laws
Employee Empowerment
Budgeting
Factory Outlet
21. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Marketing Research In Retailing
Retail Method of Accounting
Slotting Allowances
Purchase Motivation Product Groupings
22. Merchandise that generates high sales over a short time
Hierarchy of Effects
Relationship Retailing
Fad Merchandise
Assortment Merchandise
23. A retailer charges the same price to all customers buying an item under similar conditions
Item Price Removal
Reach
One-Price Policy
Contingency Pricing
24. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Advertising
Lifestyle Center
Rented-Goods Services
Sales Opportunity Grid
25. Factors having a high relationship with job success are given more weight than others
Weighted Application Blank
Retail Life Cycle
Tactics
Job Motivation
26. Whereby a retailers sells to consumers through multiple retail formats
Multi-Channel Retailing
Analog Model
Width of Assortment
Total Retail Experience
27. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Limited Decision Making
Job Motivation
Retail Audit
Business Format Franchising
28. Has a primarily functional use: to neatly hang or present products
Rack Display
Stock Turnover
Term Occupancy
Point of Difference
29. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Strategy Mix
Post-Purchase Behavior
Motives
Training Programs
30. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Vertical Retail Audit
Universal Product Code (UPC)
Value (retailer)
Neighborhood Shopping Center
31. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Control Units
Straight (Gridiron) Traffic Flow
Percentage Variation Method
Sales Promotion
32. Signals or cues as to the success or failure of that each part of the strategy
Everyday Low Pricing (EDLP)
Yield Management Pricing
Feedback
Variable Pricing
33. A multi-line firm operating under central ownership
Quick Response (QR) Inventory Planning
Retail Institution
Ensemble Display
Diversified Retailer
34. A retailer purposely adjusts markups by merchandise category
Variable Markup Policy
Hierarchy of Effects
Theme-Setting Display
Scenario Analysis
35. Shows the expected behavior of a good or service over its life
Direct Product Profitability (DPP)
Central Business District
Product Life Cycle
Efficient Consumer Response (ECR)
36. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Culture
Term Occupancy
Markdown
37. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Point-of-Purchase Display
All-You-Can-Afford Method
Computerized Checkout
Data Mining
38. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Simulation
Public Relations
Full-Line Discount Store
Variable Markup Policy
39. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Net Profit After Taxes
Planogram
Non-probability Sample
Horizontal Price Fixing
40. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Affinity
Percentage Lease
All-You-Can-Afford Method
Fringe Trading Area
41. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Operations Blueprint
Markdown
Secondary Data
Order-Taking Salesperson
42. Customer orientation - coordinated effort - value driven and goal orientation
Trading Area Overlap
Information Search
Retailing Concept
Hierarchy of Effects
43. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Hierarchy of Authority
Fashion Merchandise
Zero-Based Budgeting
Traditional Job Description
44. Doubt that the correct decision has been made
Conventional Supermarket
Cognitive Dissonance
Open Credit Account
Chargebacks
45. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Specialog
Leased Department
Multiple-Unit Pricing
Planogram
46. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Secondary Business District (SBD)
Downsizing
Gross Profit (margin)
Percentage Variation Method
47. Calls for all maintenance costs to be paid by the retailer
Positioning
Fashion Merchandise
Point-of-Purchase Display
Net Lease
48. Objective - quantifiable - easily identifiable and measurable population data
Traditional Job Description
Owned-Goods Services
Percentage-of-Sales Method
Demographics
49. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Predatory Pricing
Storefront
Direct Marketing
PMs (Promotional or Push Monies)
50. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Electronic Point of Sale System
Information Search
PMs (Promotional or Push Monies)
Point of Difference