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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. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Single-Channel Retailing
Objective-and-Task Method
Direct Store Distribution (DSD)
Secondary Data
2. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Wheel of Retailing
Partnership
Prototype Stores
Mass Marketing
3. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Job Analysis
Mystery Shoppers
Graduated Lease
4. Concentrates on selling one goods or service line - such as young women's apparel
One-Price Policy
LIFO (last-in-first-out) Method
Family Life Cycle
Specialty Store
5. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Model Stock Approach
Marketing Research In Retailing
Micromerchandising
Frequency
6. Systematically lists all operating functions to be performed - their characteristics - and their timing
Full-Line Discount Store
Operations Blueprint
Semantic Differential
PMs (Promotional or Push Monies)
7. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Cost of Goods Sold
Retail Method of Accounting
Micromerchandising
Post-Purchase Behavior
8. A type of retail institution in which a retailers owns one retail unit
Independent
Human Resource Management
Compensation
Social Class
9. Whereby consumers lease and use goods for specified periods of time
Maintained Markup
Rented-Goods Services
One-Price Policy
Core Customers
10. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Augmented Customer Service
Efficient Consumer Response (ECR)
Consumer Loyalty (Frequent Shopper) Programs
Gross Profit (margin)
11. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Automatic Reordering System
Efficient Consumer Response (ECR)
Leased Department
Consumer Decision Process
12. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Owned-Goods Services
Operating Expenses
Visual Merchandising
Assortment Display
13. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Massed Promotion Effort
Price Elasticity of Demand
Hierarchy of Effects
Horizontal Cooperative Advertising Agreement
14. 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
Traditional Department Store
Item Price Removal
Leased Department
Reorder Point
15. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Mass Merchandising
PMs (Promotional or Push Monies)
Specialty Store
Social Class
16. Influence people's thought and behavior such as families - aspirational groups and membership groups
Unit Pricing
Reference Groups
Net Lease
Category Killer
17. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth
Customary Pricing
Weeks' Supply Method
Hidden Assets
Net Sales
18. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Assortment
Hierarchy of Authority
Cost of Goods Sold
Net Lease
19. Determines the floor space necessary to carry and display a proper merchandise assortment
Retailing
Model Stock Approach
Automatic Reordering System
Central Business District
20. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Odd Pricing
Rationalized Retailing
Term Occupancy
Geographical Information System
21. Consumers feel high prices connote high quality and low prices connote low quality
Automatic Reordering System
Efficient Consumer Response (ECR)
Price-Quality Association
Regional Shopping Center
22. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Value (retailer)
Issue (problem) Definition
Ethics
Graduated Lease
23. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Need-Satisfaction Approach
Cooperative Buying
Word of Mouth (WOM)
Battle of the Brands
24. Assumes new merchandise is sold first - while older stock remains in inventory
Semantic Differential
Assortment
Controllable Variables
LIFO (last-in-first-out) Method
25. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Personality
Storefront
Downsizing
Retailing Concept
26. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Target Marketing
Financial Merchandise Management
Evaluation of Alternatives
Operations Management
27. Two or more retailers share an ad
Retail Life Cycle
Horizontal Cooperative Advertising Agreement
Regional Shopping Center
Leased Department
28. The customer group sought by a retailer
Target Marketing
Balanced Tenancy
Goods/Service Category
Stimulus
29. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Inventory Management
Factory Outlet
Equal Store Organization
Yield Management Pricing
30. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
RFID (radio frequency identification)
Regression Model
Yield Management Pricing
Cooperative Buying
31. Involves a clear statement of the topic to be studied
Issue (problem) Definition
Survey
Item Price Removal
Sorting Process
32. 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
Planogram
Organization Chart
Visual Merchandising
PMs (Promotional or Push Monies)
33. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Value Delivery System
Tactics
Unit Control
Private (dealer) Brands
34. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Customer Loyalty
Reverse Logistics
Direct Selling
Prestige Pricing
35. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Variable Pricing
Data Warehousing
Zero-Based Budgeting
Control
36. The cost of running a retail business
Staple Merchandise
Operating Expenses
Consumer Protection
Net Sales
37. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Category Management
Gap Analysis
Classification Merchandising
Book (Perpetual) Inventory System
38. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Visual Merchandising
Multi-Channel Retailing
Direct Product Profitability (DPP)
Secondary Data
39. The activity whereby a retailer generates a list of job applicants
Destination Retailer
Ensemble Display
Recruitment
Market Segment Product Groupings
40. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Basic Stock List
Primary Data
Evaluation of Alternatives
Vertical Cooperative Advertising Agreement
41. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Consumer Cooperative
Maintained Markup
Unit Pricing
Cost-Oriented Pricing
42. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
LIFO (last-in-first-out) Method
Option Credit Account
Multi-Channel Retailing
Specialog
43. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Contingency Pricing
Variable Markup Policy
Job Analysis
Personal Selling
44. 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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45. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Cooperative Buying
Controllable Variables
Data Mining
Customer Service
46. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Nonstore Retailing
Department Store
Objectives
Differentiated Marketing
47. Information is systematically gathered from respondents by communicating with them
Corporation
Retail Balance
Lifestyles
Survey
48. Involves oral communication with one or more prospective customers for the purpose of making a sale
Basic Stock List
Personal Selling
Universal Product Code (UPC)
Discretionary income
49. When manufacturers and wholesales seek to control the retail prices of their goods and services
Vertical Price Fixing
Customer Service
Classification Merchandising
Controllable Variables
50. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Sole Proprietorship
Destination Retailer
Non-probability Sample
Leader Pricing