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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. Lets consumers bargain over prices; those who are good at it obtain lower prices
Mass Merchandising
Discretionary income
Consumer Cooperative
Flexible Pricing
2. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Advertising
Leased Department
Bifurcated Retailing
Opportunities
3. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Maintained Markup
Frequency
Single-Channel Retailing
Scenario Analysis
4. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Target Marketing
Monthly Sales Index
Stock-to-Sales Method
Consumer Decision Process
5. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Ethics
Yield Management Pricing
Outsourcing
Financial Merchandise Management
6. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Benchmarking
Chain
Owned-Goods Services
Supercenter
7. The profit earned after all costs and taxes have been deducted
Net Profit After Taxes
Bait-and-Switch Advertising
Purchase Act
All-You-Can-Afford Method
8. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Horizontal Price Fixing
Off-Price Chain
Multiple-Unit Pricing
Revolving Credit Account
9. Whereby suppliers sell through as many retailers as possible
Limited Decision Making
Intensive Distribution
Performance Measures
Family Life Cycle
10. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Situation Analysis
Ensemble Display
Reference Groups
Point of Difference
11. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Core Customers
Case Display
Stock-to-Sales Method
Gross Profit (margin)
12. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Affinity
Operating Expenditures
Niche Retailing
Cooperative Buying
13. Used by retailers that promote seasonally
Open-to-Buy
Supply Chain
Concentrated Marketing
Massed Promotion Effort
14. Where a consumer must pay the bill in full when it is due
Contingency Pricing
Open Credit Account
Secondary Business District (SBD)
Problem Awareness
15. Merchandise that generates high sales over a short time
Scrambled Merchandising
Weeks' Supply Method
Routine Decision Making
Fad Merchandise
16. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Traditional Department Store
Opportunistic Buying
Top-Down Space Management Approach
Micromarketing
17. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Issue (problem) Definition
Term Occupancy
Factory Outlet
Consignment Purchase
18. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Total Retail Experience
Word of Mouth (WOM)
Trading Area
Dump Bin
19. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Reorder Point
Floor-Ready Merchandise
Ethics
Vertical Cooperative Advertising Agreement
20. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Logistics
Consumer Decision Process
Market Segment Product Groupings
Video Kiosk
21. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Objective-and-Task Method
Bait-and-Switch Advertising
Merchandising
Chargebacks
22. The efficiency with which a retail strategy is carried out
Attitudes (Opinions)
Retail Promotion
Supermarket
Productivity
23. Marketplace opening that exist because other retailers have not yet capitalized on them
Opportunities
Efficient Consumer Response (ECR)
Micromarketing
Mergers
24. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Reach
Basic Stock List
Visual Merchandising
Culture
25. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Universal Product Code (UPC)
Data-Base Retailing
Fringe Trading Area
Relationship Retailing
26. Factors having a high relationship with job success are given more weight than others
Gravity Model
Odd Pricing
Weighted Application Blank
Marketing Research In Retailing
27. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Power Center
Merchandising
Image
Augmented Customer Service
28. Outlines a retailer's planned expenditures for a given time based on expected performance
Stimulus
Budgeting
Model Stock Approach
Theme-Setting Display
29. Consumers feel high prices connote high quality and low prices connote low quality
Diversified Retailer
Situation Analysis
Maintained Markup
Price-Quality Association
30. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Bottom-Up Space Management Approach
Community Shopping Center
Trading Area
Product/Trademark Franchising
31. Used by retailers that promote throughout the year
All-You-Can-Afford Method
Distributed Promotion Effort
Box (Limited-Line) Store
Fashion Merchandise
32. Calls for precise rent increases over a stated period of time
Impulse Purchases
Net Lease
Graduated Lease
Multi-Channel Retailing
33. The cost of running a retail business
Flea Market
Operating Expenses
Opportunities
Fringe Trading Area
34. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Retail Method of Accounting
Ensemble Display
Computerized Checkout
Monthly Sales Index
35. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Strategy Mix
Department Store
Gravity Model
Infomercial
36. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Liabilities
Supervision
Computerized Checkout
Item Price Removal
37. Available from sources outside the firm
External Secondary Data
Mass Marketing
Destination Retailer
Relationship Retailing
38. Logically assumes old merchandise is sold first - while newer items remain in inventory
HRM Process
FIFO (first-in-first-out) Method
Weighted Application Blank
Intensive Distribution
39. A case that holds piles of sale clothing - marked down books or other products
Productivity
Dump Bin
Want Book (Want Slip)
Flea Market
40. 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
Retail Audit
Manufacturer (national) Brands
Bottom-Up Space Management Approach
Retail Strategy
41. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Chain
Advertising
Channel of Distribution
Price-Quality Association
42. A retailer purposely adjusts markups by merchandise category
Variable Markup Policy
Threats
Stimulus
Open Credit Account
43. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Stimulus
Cooperative Buying
Secondary Trading Area
Retail Institution
44. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Power Center
Consumer Decision Process
Supercenter
Supermarket
45. 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
Cost of Goods Sold
Personal Selling
Functional Product Groupings
Competitive Parity Method
46. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Floor-Ready Merchandise
Reverse Logistics
Retail Audit
Graduated Lease
47. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Multiple-Unit Pricing
Retail Institution
Maintained Markup
Community Shopping Center
48. 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
Extended Decision Making
Geographical Information System
One-Price Policy
Customer Service
49. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Independent
Product/Trademark Franchising
Diversification
Assets
50. Incorporates life stages for both family and non-family households
Single-Channel Retailing
Household Life Cycle
Massed Promotion Effort
Simulation