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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. Depicts a product offering in a thematic manner and sets a specific mood
Traditional Department Store
Theme-Setting Display
Operations Management
Assortment Merchandise
2. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Category Killer
Inventory Shrinkage
Sales Opportunity Grid
Hierarchy of Effects
3. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Fringe Trading Area
Generic Brands
Organization Chart
Cooperative Buying
4. The sum total of an individuals traits - which make that individual unique
Consumer Cooperative
Personality
Net Worth
Opportunities
5. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Information Search
Incremental Budgeting
Image
Computerized Checkout
6. the drive within people to attain work-related goals - can be positive or negative
Job Motivation
Assortment Display
Fad Merchandise
Equal Store Organization
7. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Price-Quality Association
Retail Life Cycle
Evaluation of Alternatives
One-Hundred Percent Location
8. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Word of Mouth (WOM)
Sales Promotion
Consumer Cooperative
Gap Analysis
9. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Competitive Parity Method
Loss Leaders
Sole Proprietorship
Control
10. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Basic Stock List
Value Delivery System
Operating Expenses
Direct Store Distribution (DSD)
11. 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
Traditional Department Store
Marquee
Power Center
Publicity
12. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Lifestyle Center
Probability (Random) Sample
Hierarchy of Effects
Affinity
13. The merchandise categories for which data are gathered
Operating Expenditures
Control Units
Category Killer
Intensive Distribution
14. Refers to the variety in any one good/service (product line) a retailer carries
Sales Opportunity Grid
Depth of Assortment
Corporation
Sorting Process
15. Influence people's thought and behavior such as families - aspirational groups and membership groups
Tactics
Total Retail Experience
Massed Promotion Effort
Reference Groups
16. Objective - quantifiable - easily identifiable and measurable population data
Demographics
Intensive Distribution
Variable Pricing
Point of Difference
17. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Zero-Based Budgeting
Bifurcated Retailing
Operations Blueprint
Retail Audit
18. Consists of the regular products carried by a retailer
Revolving Credit Account
Internal Secondary Data
Goods/Service Category
Staple Merchandise
19. Whereby goods owned by consumers are repaired - improved - or maintained
Open-to-Buy
Owned-Goods Services
Culture
Order-Taking Salesperson
20. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Central Business District
Retail Organization
Item Price Removal
Post-Purchase Behavior
21. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Objective-and-Task Method
Curing (Free-Flowing) Traffic Flow
Taxes
Consumer Loyalty (Frequent Shopper) Programs
22. Where the same customers are served by both branches
Solution Selling
Americans With Disabilities Act
Trading Area Overlap
Survey
23. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings
Retailing Concept
Factory Outlet
Quick Response (QR) Inventory Planning
Odd Pricing
24. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Channel Control
Cost-Oriented Pricing
Stock-to-Sales Method
Never-Out List
25. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Objective-and-Task Method
Rack Display
Exclusive Distribution
Primary Trading Area
26. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Data Mining
Variable Pricing
Electronic Point of Sale System
Equal Store Organization
27. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Secondary Data
Percentage-of-Sales Method
Customer Satisfaction
Robinson-Patman Act
28. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Exclusive Distribution
Marquee
Warehouse Store
29. The activity whereby a retailer generates a list of job applicants
Pre-Training
Recruitment
Vertical Price Fixing
Secondary Trading Area
30. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Training Programs
Staple Merchandise
Job Motivation
Inventory Shrinkage
31. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Central Business District
Horizontal Price Fixing
Mystery Shoppers
Merchandising
32. The manner of providing a job environment that encourages employee accomplishment
Want Book (Want Slip)
Supervision
Solution Selling
Consumer Behavior
33. 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
Percentage Variation Method
Inventory Management
Franchising
Data-Base Management
34. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Destination Retailer
Scrambled Merchandising
World Wide Web
Reach
35. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Retail Method of Accounting
Supervision
Classification Merchandising
Supercenter
36. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Need-Satisfaction Approach
Public Relations
Positioning
Extended Decision Making
37. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Selective Distribution
Analog Model
Cross-Shopping
Cost of Goods Sold
38. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Owned-Goods Services
Vertical Retail Audit
Total Retail Experience
Case Display
39. Increases an item's original price because demand is unexpectedly high or costs are rising
Bifurcated Retailing
Unit Pricing
Additional Markup
Owned-Goods Services
40. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Retailing
Nongoods Services
Ethics
Warehouse Store
41. 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
Yield Management Pricing
Non-probability Sample
Exclusive Distribution
Geographical Information System
42. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Markdown
Stock Turnover
Video Kiosk
Gross Margin
43. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Customer Satisfaction
Primary Data
Maintenance-Increase-Recoupment Lease
Convenience Store
44. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting
Direct Selling
All-You-Can-Afford Method
Simulation
Term Occupancy
45. Takes place when the consumer buys out of habit and skips steps in the purchase process
Core Customers
Routine Decision Making
Incremental Budgeting
World Wide Web
46. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Control
Point of Difference
Internal Secondary Data
Retail Audit
47. Calls for all maintenance costs to be paid by the retailer
Direct Store Distribution (DSD)
Video Kiosk
Net Lease
Family Life Cycle
48. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Application Blank
Sales Opportunity Grid
Manufacturer (national) Brands
Objectives
49. Sets the guiding principles for all the merchandise decisions a retailers makes
Merchandising Philosophy
Frequency
Dump Bin
Massed Promotion Effort
50. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Curing (Free-Flowing) Traffic Flow
Supply Chain
Assortment Display
Robinson-Patman Act