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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. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Direct Product Profitability (DPP)
Nonstore Retailing
Impulse Purchases
Perceived Risk
2. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Expected Customer Service
Cross-Merchandising
Franchising
Experiment
3. Based on the original retail value assigned to merchandise less the costs of the merchandise
Positioning
Central Business District
Dual Marketing
Initial Markup
4. 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
LIFO (last-in-first-out) Method
Neighborhood Shopping Center
Retail Organization
Evaluation of Alternatives
5. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Mergers
Percentage Variation Method
Operations Blueprint
Goal-Oriented Job Description
6. When a retailer acts in the best interests of society - as well as itself
Physical Inventory System
Social Responsibility
Motives
Advertising
7. 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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8. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Human Resource Management
Opportunities
Markup Pricing
9. 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
Basic Stock List
Operating Expenses
Never-Out List
Fringe Trading Area
10. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Storefront
Top-Down Space Management Approach
Width of Assortment
Graduated Lease
11. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Rented-Goods Services
Vertical Cooperative Advertising Agreement
Retail Method of Accounting
String
12. A retail firm owned by its customer members
Strategy Mix
One-Hundred Percent Location
Consumer Cooperative
Product Life Cycle
13. Used by retailers that promote seasonally
Mass Marketing
Prototype Stores
Massed Promotion Effort
Primary Data
14. The aspects of business that a firm can directly affect
Controllable Variables
Dollar Control
Balanced Tenancy
Analog Model
15. The positive - neutral or negative feelings a person has about different topics
Intensive Distribution
Neighborhood Business District
Operating Expenses
Attitudes (Opinions)
16. Money left after paying taxes and buying necessities
Marquee
Core Customers
Discretionary income
Observation
17. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Goods/Service Category
Retail Promotion
Mass Merchandising
Training Programs
18. 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
Neighborhood Business District
Uncontrollable Variables
Merchandising
Micromarketing
19. A retailer sets its prices in accordance with competitors'
Merchandise Available for Sale
Never-Out List
Price Elasticity of Demand
Competition-Oriented Pricing
20. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Community Shopping Center
Predatory Pricing
Scenario Analysis
Open-to-Buy
21. Assumes new merchandise is sold first - while older stock remains in inventory
LIFO (last-in-first-out) Method
Demand-Oriented Pricing
Performance Measures
Dump Bin
22. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Scrambled Merchandising
Personal Selling
Inventory Shrinkage
Mass Marketing
23. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Retail Information System
Flexible Pricing
External Secondary Data
24. 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
Price Elasticity of Demand
Vertical Retail Audit
Prototype Stores
25. Available from sources outside the firm
External Secondary Data
Competitive Parity Method
Need-Satisfaction Approach
Hierarchy of Effects
26. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Power Center
Performance Measures
Organizational Mission
27. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Horizontal Retail Audit
Semantic Differential
Outshopping
Experiential Merchandising
28. Occurs when one consumer talks to others; can build a chain of customers
Word of Mouth (WOM)
Sales Manager
Visual Merchandising
Analog Model
29. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Assortment Display
Lifestyle Center
Americans With Disabilities Act
Bottom-Up Space Management Approach
30. A cash or card operated retailing format that dispenses goods and services
Visual Merchandising
Retail Strategy
Vending Machine
Value Delivery System
31. A memorized - repetitive speech given to all customers interested in a particular item
Canned Sales Presentation
Leased Department
Loss Leaders
Stock Turnover
32. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Market Segment Product Groupings
Positioning
Target Marketing
Sorting Process
33. Selling goods and services to a broad spectrum of consumers
Image
Personal Selling
Mass Marketing
Term Occupancy
34. The customer group sought by a retailer
Target Marketing
Competitive Parity Method
Training Programs
Post-Purchase Behavior
35. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Channel of Distribution
Direct Selling
Relationship Retailing
Curing (Free-Flowing) Traffic Flow
36. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Percentage-of-Sales Method
Target Marketing
Secondary Business District (SBD)
Bottom-Up Space Management Approach
37. When retailers count on suppliers to participate in their inventory management programs
Nonstore Retailing
Vendor-Managed Inventory (VMI)
Semantic Differential
Distributed Promotion Effort
38. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Specialog
Job Analysis
Data Warehousing
Vertical Retail Audit
39. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Consumer Cooperative
Point of Difference
Case Display
Unit Control
40. Information is systematically gathered from respondents by communicating with them
Direct Store Distribution (DSD)
Scenario Analysis
Term Occupancy
Survey
41. Sets the guiding principles for all the merchandise decisions a retailers makes
Data Mining
Off-Price Chain
Geographical Information System
Merchandising Philosophy
42. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Controllable Variables
Infomercial
Regression Model
Bifurcated Retailing
43. Factors having a high relationship with job success are given more weight than others
Inventory Management
Vertical Marketing System
Weighted Application Blank
Rented-Goods Services
44. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Scenario Analysis
Pre-Training
Price Elasticity of Demand
Ethics
45. A manufacturer and a retailer or a wholesales and a retailer share an ad
Reorder Point
Ensemble Display
Need-Satisfaction Approach
Vertical Cooperative Advertising Agreement
46. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Fad Merchandise
Operations Management
Stock-to-Sales Method
47. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Sales Opportunity Grid
Recruitment
Ease of Entry
Incremental Method
48. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control
Combination Store
Benchmarking
Department Store
Direct Product Profitability (DPP)
49. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Gross Margin
Dual Marketing
Maintained Markup
Advertising
50. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Secondary Business District (SBD)
Multi-Channel Retailing
Electronic Article Surveillance
Customary Pricing