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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. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
Employee Empowerment
External Secondary Data
Market Segment Product Groupings
Distributed Promotion Effort
2. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Reorder Point
Retail Method of Accounting
Probability (Random) Sample
Net Lease
3. 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
Productivity
PMs (Promotional or Push Monies)
Benchmarking
Affinity
4. Takes place when the consumer buys out of habit and skips steps in the purchase process
Slotting Allowances
Sole Proprietorship
Routine Decision Making
Goods/Service Category
5. A retailers commitment to a type of business and to a distinctive role in the marketplace
Customer Loyalty
Organizational Mission
Goods/Service Category
Consignment Purchase
6. Doubt that the correct decision has been made
Objective-and-Task Method
Taxes
Demographics
Cognitive Dissonance
7. The criteria used to assess effectiveness
Option Credit Account
Reorder Point
Performance Measures
Budgeting
8. 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
Simulation
Leader Pricing
Job Analysis
Supervision
9. Involves an informal ranking of people based on income - occupation - education and other factors
Social Class
Mergers
Retail Life Cycle
Outsourcing
10. The efficiency with which a retail strategy is carried out
Logistics
Order-Taking Salesperson
Electronic Banking
Productivity
11. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Retail Method of Accounting
Department Store
Extended Decision Making
Visual Merchandising
12. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Generic Brands
Social Class
Expected Customer Service
Public Relations
13. A retailers best customers
Core Customers
Operating Expenditures
Public Relations
Consumer Cooperative
14. A retailer purposely adjusts markups by merchandise category
Markup Pricing
Variable Markup Policy
Supply Chain
Opportunistic Buying
15. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Dead Areas
Warehouse Store
Consumer Behavior
Survey
16. Suppliers sell through a moderate number of retailers
Selective Distribution
Fad Merchandise
Customer Satisfaction
Regression Model
17. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Partnership
Planogram
Hierarchy of Authority
Percentage Lease
18. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Never-Out List
Prestige Pricing
Balanced Tenancy
Routine Decision Making
19. A retailer charges the same price to all customers buying an item under similar conditions
Feedback
Leader Pricing
Merchandising
One-Price Policy
20. Involve the combination of separately owned retail firms
Combination Store
Power Center
One-Price Policy
Mergers
21. The manner of providing a job environment that encourages employee accomplishment
Concentrated Marketing
Supervision
Job Analysis
Liabilities
22. Increases an item's original price because demand is unexpectedly high or costs are rising
Discretionary income
Gross Margin
Vendor-Managed Inventory (VMI)
Additional Markup
23. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Marketing Research In Retailing
Convenience Store
Leased Department
Reorder Point
24. Influence people's thought and behavior such as families - aspirational groups and membership groups
Efficient Consumer Response (ECR)
Multiple-Unit Pricing
Reference Groups
Nonstore Retailing
25. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Quick Response (QR) Inventory Planning
Tactics
Cross-Shopping
Threats
26. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Rationalized Retailing
Traditional Department Store
Infomercial
Graduated Lease
27. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Net Profit After Taxes
Retail Information System
Mergers
Assortment
28. Represents the total bundle of benefits offered to consumers through a channel of distribution
Value Chain
Combination Store
Reverse Logistics
Revolving Credit Account
29. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Full-Line Discount Store
Controllable Variables
Hierarchy of Authority
Differentiated Marketing
30. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Opportunities
Storefront
Customer Satisfaction
Atmosphere (atmospherics)
31. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Retail Promotion
Universal Product Code (UPC)
Balanced Tenancy
Debit Card System
32. 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
Social Responsibility
Reorder Point
Basic Stock List
Retail Organization
33. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Net Worth
Price-Quality Association
Demand-Oriented Pricing
Scrambled Merchandising
34. 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
Want Book (Want Slip)
Differentiated Marketing
Assortment
Exclusive Distribution
35. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Private (dealer) Brands
HRM Process
Probability (Random) Sample
Net Lease
36. Embodied by a series of activities and processes that provides a certain value for the consumer
Value (retailer)
Benchmarking
Wheel of Retailing
Consumer Behavior
37. The optimum site for a particular store
Retailing
Competition-Oriented Pricing
Compensation
One-Hundred Percent Location
38. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Variable Pricing
Floor-Ready Merchandise
Expected Customer Service
String
39. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Universal Product Code (UPC)
Combination Store
Downsizing
Factory Outlet
40. A retail firm that is formally incorporated under state law
Efficient Consumer Response (ECR)
RFID (radio frequency identification)
Corporation
Order-Taking Salesperson
41. Used for products needing special handling
Consumer Behavior
Storability Product Groupings
Gravity Model
Lifestyles
42. Determines the floor space necessary to carry and display a proper merchandise assortment
Case Display
Model Stock Approach
Basic Stock Method
Retail Strategy
43. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Owned-Goods Services
Unit Pricing
Secondary Trading Area
Ease of Entry
44. 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
Social Responsibility
Value Delivery System
Electronic Point of Sale System
Survey
45. When a retailer acts in the best interests of society - as well as itself
Channel Control
Frequency
Social Responsibility
Stock-to-Sales Method
46. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Incremental Budgeting
Ethics
Analog Model
Never-Out List
47. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Chargebacks
Customer Satisfaction
Gross Profit (margin)
Retail Method of Accounting
48. 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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49. 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
Percentage Variation Method
Discretionary income
Sales Promotion
Positioning
50. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Household Life Cycle
Primary Trading Area
Market Segment Product Groupings
Department Store