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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. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Niche Retailing
Goods Retailing
Job Analysis
Customer Satisfaction
2. Has a primarily functional use: to neatly hang or present products
Dump Bin
Fashion Merchandise
Rack Display
Flea Market
3. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
Objective-and-Task Method
Retail Promotion
Variable Pricing
4. A memorized - repetitive speech given to all customers interested in a particular item
Limited Decision Making
Battle of the Brands
Merchandising Philosophy
Canned Sales Presentation
5. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Off-Price Chain
Huff's Law of Shopper Attraction
Top-Down Space Management Approach
Power Center
6. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Human Resource Management
Vertical Price Fixing
Public Relations
Item Price Removal
7. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Width of Assortment
Yield Management Pricing
Monthly Sales Index
Concentrated Marketing
8. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Retail Information System
Issue (problem) Definition
Evaluation of Alternatives
Household Life Cycle
9. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Net Worth
Issue (problem) Definition
Routine Decision Making
Slotting Allowances
10. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Competitive Parity Method
Control
Scenario Analysis
Channel Control
11. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Maintained Markup
Feedback
Goods/Service Category
Fad Merchandise
12. Occurs when one consumer talks to others; can build a chain of customers
Mystery Shoppers
Single-Channel Retailing
Channel of Distribution
Word of Mouth (WOM)
13. 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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14. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Public Relations
Opportunity Costs
Traditional Department Store
Competition-Oriented Pricing
15. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Order-Getting Salesperson
Initial Markup
Point-of-Purchase Display
Relationship Retailing
16. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Incremental Budgeting
Leased Department
Dead Areas
All-You-Can-Afford Method
17. 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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18. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
Vertical Retail Audit
Regional Shopping Center
Goal-Oriented Job Description
19. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Full-Line Discount Store
Merchandising
Fad Merchandise
Mergers
20. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Sales Promotion
Combination Store
Americans With Disabilities Act
Personality
21. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Basic Stock List
Supervision
Massed Promotion Effort
Infomercial
22. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Horizontal Cooperative Advertising Agreement
Control
Purchase Motivation Product Groupings
Family Life Cycle
23. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Customer Loyalty
Value (customer)
Point of Difference
Gap Analysis
24. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Price Lining
Relationship Retailing
LIFO (last-in-first-out) Method
Constrained Decision Making
25. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Traditional Job Description
Data-Base Management
Class Consciousness
Chain
26. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Odd Pricing
Huff's Law of Shopper Attraction
Physical Inventory System
Visual Merchandising
27. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Niche Retailing
Human Resource Management
Expected Customer Service
Fringe Trading Area
28. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Owned-Goods Services
Niche Retailing
Electronic Article Surveillance
Combination Store
29. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Consumer Behavior
Wheel of Retailing
Percentage Lease
Retail Promotion
30. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Hierarchy of Authority
Vertical Marketing System
Pre-Training
Video Kiosk
31. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Household Life Cycle
Mazur Plan
Automatic Reordering System
Customary Pricing
32. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Net Worth
Multiple-Unit Pricing
Survey
Purchase Act
33. The service level that customers want to receive from any retailer - such as basic employee courtesy
Expected Customer Service
Debit Card System
Ethics
Uncontrollable Variables
34. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Sales Opportunity Grid
Reference Groups
Marketing Research In Retailing
Internal Secondary Data
35. 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
Recruitment
Classification Merchandising
Flexible Pricing
Manufacturer (national) Brands
36. Short-term selling and administrative costs in running a business
Monthly Sales Index
Consumer Cooperative
Multiple-Unit Pricing
Operating Expenditures
37. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Quick Response (QR) Inventory Planning
Dead Areas
Automatic Reordering System
38. Doubt that the correct decision has been made
Simulation
Percentage Lease
Cognitive Dissonance
Zero-Based Budgeting
39. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Fad Merchandise
Flexible Pricing
Depth of Assortment
Gross Profit (margin)
40. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Augmented Customer Service
Equal Store Organization
LIFO (last-in-first-out) Method
Economic Base
41. Ways in which individual consumers and families live and spend time and money
Full-Line Discount Store
Ethics
Lifestyles
Never-Out List
42. 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
Factory Outlet
Point of Difference
Horizontal Retail Audit
Direct Selling
43. A retailer wants to maintain a specified ratio of goods on hand to sales
Fad Merchandise
Channel Control
Stock-to-Sales Method
PMs (Promotional or Push Monies)
44. 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
Total Retail Experience
Strategy Mix
Traditional Department Store
Analog Model
45. 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
Book (Perpetual) Inventory System
Franchising
Information Search
Conventional Supermarket
46. Lets consumers bargain over prices; those who are good at it obtain lower prices
Direct Marketing
Application Blank
Net Worth
Flexible Pricing
47. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Attitudes (Opinions)
Multi-Channel Retailing
Controllable Variables
Channel of Distribution
48. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Dual Marketing
Incremental Method
Floor-Ready Merchandise
Point-of-Purchase Display
49. The aspects of business to which a retailers must adapt
Simulation
Productivity
Uncontrollable Variables
Prestige Pricing
50. 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
Positioning
Perceived Risk
Price Elasticity of Demand
Cooperative Advertising