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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. An unincorporated retail firm owned by two or more persons - each with a financial interest
Competitive Parity Method
Partnership
Word of Mouth (WOM)
Fringe Trading Area
2. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Dual Marketing
Need-Satisfaction Approach
Public Relations
Business Format Franchising
3. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Electronic Banking
Incremental Method
Objectives
Secondary Data
4. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Reference Groups
Minimum-Price Laws
Merchandising
Odd Pricing
5. Whereby each department is subdivided into further categories for related types of merchandise
Feedback
Classification Merchandising
Operations Management
Reilly's Law of Retailing Gravitation
6. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Direct Store Distribution (DSD)
Data Mining
Traditional Job Description
Competitive Parity Method
7. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Internal Secondary Data
Purchase Motivation Product Groupings
Experiment
Theme-Setting Display
8. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Horizontal Retail Audit
Forecasts
Reach
Basic Stock List
9. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Threats
RFID (radio frequency identification)
Analog Model
Revolving Credit Account
10. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Independent
Recruitment
Attitudes (Opinions)
11. Objective - quantifiable - easily identifiable and measurable population data
Memorandum Purchase
Demographics
Value Chain
Maintenance-Increase-Recoupment Lease
12. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Retail Organization
Efficient Consumer Response (ECR)
Reach
Hidden Assets
13. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Net Sales
Human Resource Management
Horizontal Price Fixing
Percentage Lease
14. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Cost of Goods Sold
Specialty Store
Geographical Information System
Outsourcing
15. A type of retail institution in which a retailers owns one retail unit
Assortment
Independent
Vertical Retail Audit
Americans With Disabilities Act
16. Every store - product - or customer has an equal or known chance of being chosen for a study
Probability (Random) Sample
Variable Markup Policy
Cooperative Advertising
Secondary Trading Area
17. Occurs when a consumer makes full use of the decision process
Hierarchy of Effects
Extended Decision Making
Markdown
Purchase Motivation Product Groupings
18. A retail firm that is formally incorporated under state law
Distributed Promotion Effort
Vertical Marketing System
Corporation
Vertical Retail Audit
19. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Customer Service
Logistics
Opportunity Costs
Variety Store
20. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Predatory Pricing
Prototype Stores
Personal Selling
Sales-Productivity Ratio
21. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Stock Turnover
World Wide Web
Gap Analysis
Power Center
22. 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
Horizontal Retail Audit
Uncontrollable Variables
LIFO (last-in-first-out) Method
Product/Trademark Franchising
23. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Forecasts
Direct Marketing
Staple Merchandise
Analog Model
24. The manner of providing a job environment that encourages employee accomplishment
Department Store
Supervision
Specialog
Retail Balance
25. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Product Life Cycle
Evaluation of Alternatives
Merchandise Available for Sale
Specialty Store
26. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Reorder Point
Class Consciousness
Primary Data
Convenience Store
27. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Outsourcing
Cross-Merchandising
Differentiated Marketing
Niche Retailing
28. 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
Rented-Goods Services
Direct Product Profitability (DPP)
Incremental Method
Objective-and-Task Method
29. Marketplace opening that exist because other retailers have not yet capitalized on them
Opportunities
Discretionary income
Sole Proprietorship
Competitive Parity Method
30. The positive - neutral or negative feelings a person has about different topics
Attitudes (Opinions)
Rack Display
Outshopping
Electronic Data Interchange (EDI)
31. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Weeks' Supply Method
Customary Pricing
Impulse Purchases
Diversification
32. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Personality
Supervision
Chain
Direct Selling
33. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Cost-Oriented Pricing
Goods/Service Category
Contingency Pricing
Off-Price Chain
34. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Fad Merchandise
Solution Selling
Mazur Plan
Competitive Parity Method
35. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Marketing Research In Retailing
Prestige Pricing
Video Kiosk
Competitive Parity Method
36. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
Experiment
Vending Machine
Mazur Plan
37. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Loss Leaders
Ethics
Lifestyle Center
Storefront
38. Takes a customer-centered approach and presents "solutions" rather than "products"
Efficient Consumer Response (ECR)
Solution Selling
Staple Merchandise
Goods/Service Category
39. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Percentage Lease
Feedback
Percentage-of-Sales Method
Generic Brands
40. Displays merchandise by common end use
Merchandise Available for Sale
Attitudes (Opinions)
Hierarchy of Effects
Functional Product Groupings
41. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Community Shopping Center
Image
Term Occupancy
Open-to-Buy
42. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Video Kiosk
Assortment Merchandise
Specialog
Exclusive Distribution
43. Merchandise that generates high sales over a short time
Direct Marketing
Order-Taking Salesperson
Market Segment Product Groupings
Fad Merchandise
44. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Situation Analysis
Data-Base Retailing
Manufacturer (national) Brands
Analog Model
45. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Stock-to-Sales Method
Consumer Decision Process
Gravity Model
Employee Empowerment
46. Determines the floor space necessary to carry and display a proper merchandise assortment
Social Class
Model Stock Approach
Vertical Cooperative Advertising Agreement
Training Programs
47. Includes all the remaining customers - and they are the most widely dispersed
Fringe Trading Area
Bait-and-Switch Advertising
Retail Strategy
Top-Down Space Management Approach
48. Consists of products that sell well over nonconsecutive time periods
Net Profit After Taxes
Economic Base
Gap Analysis
Seasonal Merchandise
49. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Feedback
Contingency Pricing
Efficient Consumer Response (ECR)
Vertical Retail Audit
50. Involves an informal ranking of people based on income - occupation - education and other factors
Sales Opportunity Grid
Objectives
Social Class
Semantic Differential