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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. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Gap Analysis
Retail Balance
Wheel of Retailing
Channel of Distribution
2. 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
Benchmarking
Assortment Merchandise
Markup Pricing
Social Responsibility
3. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Variety Store
Consumer Decision Process
Information Search
Routine Decision Making
4. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
Data-Base Retailing
Markup Pricing
Job Analysis
Yield Management Pricing
5. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Exclusive Distribution
Gravity Model
Sales Manager
Percentage Variation Method
6. The overall plan or framework of action that guides a retailer
Post-Purchase Behavior
Objectives
Retail Strategy
Assortment Merchandise
7. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Diversification
Term Occupancy
Application Blank
Multi-Channel Retailing
8. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Visual Merchandising
Mystery Shoppers
Generic Brands
Mass Merchandising
9. A retailers commitment to a type of business and to a distinctive role in the marketplace
Depth of Assortment
Cost of Method Accounting
Goal-Oriented Job Description
Organizational Mission
10. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Value (customer)
Straight (Gridiron) Traffic Flow
Predatory Pricing
Electronic Point of Sale System
11. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Percentage Variation Method
Debit Card System
Direct Product Profitability (DPP)
Expected Customer Service
12. Refers to the variety in any one good/service (product line) a retailer carries
Loss Leaders
Markup Pricing
Depth of Assortment
Public Relations
13. A large - planned shopping facility appealing to a geographically dispersed market
Retail Organization
Regional Shopping Center
Ensemble Display
Dollar Control
14. Typically supervises the on-floor selling and operational activities for a specific retail department
Sales Manager
Sales-Productivity Ratio
Operations Management
Battle of the Brands
15. 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
Membership (Warehouse) Club
Internet
Logistics
Full-Line Discount Store
16. 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
Central Business District
Book (Perpetual) Inventory System
Expected Customer Service
Consignment Purchase
17. The positive - neutral or negative feelings a person has about different topics
Ease of Entry
Physical Inventory System
Open-to-Buy
Attitudes (Opinions)
18. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Storability Product Groupings
Consumer Behavior
Memorandum Purchase
Sales Opportunity Grid
19. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Reference Groups
Control
Scenario Analysis
Percentage Variation Method
20. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Vertical Retail Audit
Supercenter
Owned-Goods Services
Customer Satisfaction
21. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Financial Merchandise Management
Extended Decision Making
Culture
Consumer Behavior
22. The profit earned after all costs and taxes have been deducted
Target Marketing
Customer Loyalty
Word of Mouth (WOM)
Net Profit After Taxes
23. The long-run and short-run performance targets a retailers hopes to attain
Objectives
Recruitment
Personality
Consumer Behavior
24. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Data Mining
Inventory Management
Manufacturer (national) Brands
Value Delivery System
25. The aspects of business that a firm can directly affect
Controllable Variables
Video Kiosk
Solution Selling
Cost of Goods Sold
26. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Massed Promotion Effort
Unit Pricing
Retail Promotion
Attitudes (Opinions)
27. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Electronic Data Interchange (EDI)
Price-Quality Association
Basic Stock List
Augmented Customer Service
28. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Variety Store
Positioning
Fashion Merchandise
Net Profit After Taxes
29. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Consumer Loyalty (Frequent Shopper) Programs
Wheel of Retailing
Minimum-Price Laws
Internet
30. Occurs when a consumer makes full use of the decision process
Affinity
Wheel of Retailing
Post-Purchase Behavior
Extended Decision Making
31. 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
Primary Data
Data Mining
Mergers
Mass Merchandising
32. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Maintenance-Increase-Recoupment Lease
Automatic Reordering System
Issue (problem) Definition
Public Relations
33. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Nongoods Services
Electronic Point of Sale System
Factory Outlet
Monthly Sales Index
34. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
FIFO (first-in-first-out) Method
Option Credit Account
Nonstore Retailing
Sales-Productivity Ratio
35. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Motives
Sole Proprietorship
Physical Inventory System
Retail Strategy
36. When a retailer looks at data that are collected to address the specific issue or problem under study
Retail Balance
Incremental Budgeting
Visual Merchandising
Primary Data
37. A merchandising technique that some firms use to improve productivity
Category Management
Liabilities
Weeks' Supply Method
Mazur Plan
38. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Strategy Mix
Bifurcated Retailing
Debit Card System
Scrambled Merchandising
39. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Financial Merchandise Management
Social Class
Incremental Budgeting
PMs (Promotional or Push Monies)
40. Appeals to price-conscious consumers - who must be members to shop there
Leader Pricing
Leased Department
Probability (Random) Sample
Membership (Warehouse) Club
41. The number of distinct people exposed to a retailers promotion efforts in a specific period
Micromerchandising
Primary Data
Floor-Ready Merchandise
Reach
42. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Quick Response (QR) Inventory Planning
Direct Store Distribution (DSD)
Retail Method of Accounting
Gap Analysis
43. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Wheel of Retailing
Specialog
Total Retail Experience
Reorder Point
44. 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
Franchising
Scenario Analysis
Off-Price Chain
Bifurcated Retailing
45. Incorporates life stages for both family and non-family households
Cost-Oriented Pricing
Controllable Variables
Household Life Cycle
Rented-Goods Services
46. 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
Merchandise Available for Sale
Box (Limited-Line) Store
Markdown
Information Search
47. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Cognitive Dissonance
Infomercial
Non-probability Sample
Single-Channel Retailing
48. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Direct Marketing
Wheel of Retailing
Quick Response (QR) Inventory Planning
Dollar Control
49. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Fashion Merchandise
Electronic Point of Sale System
Supervision
Purchase Act
50. The mix of stores within a district or shopping center
Everyday Low Pricing (EDLP)
Department Store
Planogram
Retail Balance