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Test your basic knowledge |
Retail Management
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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. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Net Worth
Fad Merchandise
Merchandise Available for Sale
Retail Life Cycle
2. 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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3. The overall plan or framework of action that guides a retailer
Maintained Markup
Issue (problem) Definition
Retail Strategy
Value (retailer)
4. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Cross-Shopping
PMs (Promotional or Push Monies)
Sales-Productivity Ratio
Consumer Protection
5. 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
Cost of Goods Sold
Variable Markup Policy
Family Life Cycle
Secondary Trading Area
6. Takes a customer-centered approach and presents "solutions" rather than "products"
Inventory Shrinkage
Solution Selling
Specialog
Experiment
7. 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
Battle of the Brands
Relationship Retailing
Cross-Merchandising
8. Typically supervises the on-floor selling and operational activities for a specific retail department
Video Kiosk
Sales Manager
Central Business District
Rack Display
9. The cost of running a retail business
Word of Mouth (WOM)
Pre-Training
Operating Expenses
Merchandise Available for Sale
10. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Department Store
Automatic Reordering System
Direct Selling
Opportunities
11. A food-based discounter offering a moderate number of food items in a no-frills setting
Business Format Franchising
Lifestyle Center
Cognitive Dissonance
Warehouse Store
12. Appeals to price-conscious consumers - who must be members to shop there
Membership (Warehouse) Club
Curing (Free-Flowing) Traffic Flow
Diversified Retailer
Product Life Cycle
13. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Gross Margin
Supercenter
Primary Trading Area
Total Retail Experience
14. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Problem Awareness
Direct Marketing
Supermarket
Stock Turnover
15. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Resident Buying Office
Consumer Cooperative
Specialog
Business Format Franchising
16. Whereby franchisors limit franchisee involvement in the strategic planning process
Operating Expenses
Constrained Decision Making
Ethics
FIFO (first-in-first-out) Method
17. A listing of bipolar adjectives scales
Household Life Cycle
Semantic Differential
Price Lining
Human Resource Management
18. 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
Manufacturer (national) Brands
Cost of Method Accounting
Computerized Checkout
Positioning
19. Retailers price selected items below cost to lure more customer traffic for those retailers
Open-to-Buy
Situation Analysis
Loss Leaders
Factory Outlet
20. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
Net Sales
Stimulus
Value Delivery System
21. Consists of the regular products carried by a retailer
Cognitive Dissonance
Core Customers
Staple Merchandise
Cost of Goods Sold
22. Calls for all maintenance costs to be paid by the retailer
Opportunity Costs
Net Lease
Retail Promotion
Maintained Markup
23. Actively involved with informing and persuading customers in closing sales
Prototype Stores
PMs (Promotional or Push Monies)
Uncontrollable Variables
Order-Getting Salesperson
24. A type of retail institution in which a retailers owns one retail unit
Intensive Distribution
Straight (Gridiron) Traffic Flow
Experiment
Independent
25. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Mergers
Diversified Retailer
Experiment
Electronic Point of Sale System
26. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Specialog
Competitive Parity Method
Supervision
Differentiated Marketing
27. Displays merchandise by common end use
Variable Markup Policy
Employee Empowerment
Application Blank
Functional Product Groupings
28. Involves oral communication with one or more prospective customers for the purpose of making a sale
Multi-Channel Retailing
Model Stock Approach
Personal Selling
Retailing Concept
29. Takes place when the consumer buys out of habit and skips steps in the purchase process
Computerized Checkout
Hierarchy of Effects
Balanced Tenancy
Routine Decision Making
30. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Variable Pricing
Massed Promotion Effort
Regression Model
Goal-Oriented Job Description
31. Occurs when a consumer makes full use of the decision process
Routine Decision Making
Simulation
Extended Decision Making
Direct Marketing
32. Has a primarily functional use: to neatly hang or present products
Reference Groups
Retail Institution
Huff's Law of Shopper Attraction
Rack Display
33. Where a consumer must pay the bill in full when it is due
Electronic Article Surveillance
Reverse Logistics
Culture
Open Credit Account
34. 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
World Wide Web
Monthly Sales Index
Ethics
Logistics
35. Consumers feel high prices connote high quality and low prices connote low quality
Price-Quality Association
Post-Purchase Behavior
Financial Merchandise Management
Gravity Model
36. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Retail Life Cycle
Job Motivation
Electronic Article Surveillance
Feedback
37. The merchandise categories for which data are gathered
Control Units
Department Store
Stock Turnover
Internet
38. Available from sources outside the firm
Price Elasticity of Demand
External Secondary Data
Product/Trademark Franchising
Benchmarking
39. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Opportunistic Buying
Physical Inventory System
Prototype Stores
Logistics
40. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
All-You-Can-Afford Method
Service Retailing
Maintained Markup
Equal Store Organization
41. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Opportunistic Buying
Evaluation of Alternatives
Chargebacks
Experiential Merchandising
42. Represents the total bundle of benefits offered to consumers through a channel of distribution
Manufacturer (national) Brands
Value Chain
Data-Base Retailing
Experiment
43. A way to collect - store and use relevant information about customers
Data-Base Retailing
Fad Merchandise
Economic Base
Variable Pricing
44. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Direct Store Distribution (DSD)
Feedback
Retailing
Vending Machine
45. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Augmented Customer Service
Memorandum Purchase
Simulation
Uncontrollable Variables
46. Ways in which individual consumers and families live and spend time and money
Lifestyles
Affinity
Sole Proprietorship
Storefront
47. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gravity Model
PMs (Promotional or Push Monies)
Feedback
Dual Marketing
48. An unincorporated retail firm owned by two or more persons - each with a financial interest
Partnership
Diversification
Value (retailer)
Micromerchandising
49. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Consumer Protection
Consignment Purchase
Operations Management
Combination Store
50. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Cost of Goods Sold
Computerized Checkout
Budgeting
Prototype Stores