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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. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Concentrated Marketing
Unit Pricing
Probability (Random) Sample
Point-of-Purchase Display
2. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Affinity
Operating Expenses
Computerized Checkout
PMs (Promotional or Push Monies)
3. Systematically lists all operating functions to be performed - their characteristics - and their timing
Electronic Data Interchange (EDI)
Vertical Cooperative Advertising Agreement
Operations Blueprint
Scrambled Merchandising
4. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
One-Price Policy
Multiple-Unit Pricing
World Wide Web
Evaluation of Alternatives
5. A merchandising technique that some firms use to improve productivity
Bait-and-Switch Advertising
Basic Stock Method
Category Management
Order-Taking Salesperson
6. Represents how a given retailer is perceived by consumers and others
Perceived Risk
Financial Merchandise Management
Evaluation of Alternatives
Image
7. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Hidden Assets
Mystery Shoppers
Training Programs
Multiple-Unit Pricing
8. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
World Wide Web
Merchandising
Tactics
Operations Blueprint
9. Customer orientation - coordinated effort - value driven and goal orientation
Retailing Concept
Job Analysis
Franchising
Word of Mouth (WOM)
10. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Efficient Consumer Response (ECR)
Minimum-Price Laws
Secondary Trading Area
Private (dealer) Brands
11. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Service Retailing
Retail Promotion
Routine Decision Making
Extended Decision Making
12. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Full-Line Discount Store
Atmosphere (atmospherics)
Gross Margin
Functional Product Groupings
13. The merchandise categories for which data are gathered
Flexible Pricing
Product Life Cycle
Control Units
Net Sales
14. Whereby franchisors limit franchisee involvement in the strategic planning process
Constrained Decision Making
Impulse Purchases
Gross Margin
Opportunistic Buying
15. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Staple Merchandise
Never-Out List
Convenience Store
Efficient Consumer Response (ECR)
16. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Vendor-Managed Inventory (VMI)
Off-Price Chain
Threats
17. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Employee Empowerment
Assortment Merchandise
Universal Product Code (UPC)
Want Book (Want Slip)
18. Calls for all maintenance costs to be paid by the retailer
Physical Inventory System
Net Lease
Term Occupancy
Initial Markup
19. Graphically displays its hierarchical relationships created by a retailer
Value Delivery System
External Secondary Data
Sales Opportunity Grid
Organization Chart
20. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Purchase Act
Dollar Control
Competitive Parity Method
Consignment Purchase
21. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Inventory Shrinkage
Box (Limited-Line) Store
Tactics
Supervision
22. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Experiential Merchandising
Need-Satisfaction Approach
Wheel of Retailing
Word of Mouth (WOM)
23. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Compensation
Category Killer
Economic Base
Price Elasticity of Demand
24. The overall plan guiding a retail firm
Franchising
Retail Strategy
Book (Perpetual) Inventory System
Direct Store Distribution (DSD)
25. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Job Motivation
Planogram
Multiple-Unit Pricing
Variable Markup Policy
26. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Nongoods Services
Battle of the Brands
Leader Pricing
Flexible Pricing
27. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Merchandising
Cognitive Dissonance
Item Price Removal
Monthly Sales Index
28. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Yield Management Pricing
Ethics
Organization Chart
Dead Areas
29. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Compensation
Augmented Customer Service
Price Lining
Width of Assortment
30. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Control
Hierarchy of Authority
Retail Promotion
Generic Brands
31. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Mergers
HRM Process
Off-Price Chain
Destination Retailer
32. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Channel Control
Post-Purchase Behavior
Diversification
Prestige Pricing
33. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Single-Channel Retailing
Graduated Lease
Experiential Merchandising
Operating Expenditures
34. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Performance Measures
Objective-and-Task Method
Top-Down Space Management Approach
Logistics
35. A retailers best customers
Frequency
Core Customers
Combination Store
Balanced Tenancy
36. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Positioning
Equal Store Organization
Financial Merchandise Management
Lifestyle Center
37. Exhibits heavier - bulkier items than a rack holds
Stock Turnover
Case Display
Basic Stock Method
Demand-Oriented Pricing
38. When retailers count on suppliers to participate in their inventory management programs
Vendor-Managed Inventory (VMI)
Recruitment
Net Lease
Chain
39. A retailer charges the same price to all customers buying an item under similar conditions
Percentage Lease
Efficient Consumer Response (ECR)
One-Price Policy
Specialog
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
Book (Perpetual) Inventory System
Manufacturer (national) Brands
Balanced Tenancy
Data-Base Retailing
41. The aspects of business that a firm can directly affect
Marquee
Controllable Variables
Primary Trading Area
Stock-to-Sales Method
42. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Core Customers
Feedback
Conventional Supermarket
Target Marketing
43. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Purchase Motivation Product Groupings
Probability (Random) Sample
Customer Loyalty
Horizontal Retail Audit
44. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Horizontal Cooperative Advertising Agreement
External Secondary Data
Customer Satisfaction
Channel Control
45. The criteria used to assess effectiveness
String
Point-of-Purchase Display
Performance Measures
Debit Card System
46. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Electronic Banking
Electronic Point of Sale System
Channel of Distribution
Core Customers
47. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Issue (problem) Definition
LIFO (last-in-first-out) Method
Flexible Pricing
Retail Promotion
48. 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)
Horizontal Cooperative Advertising Agreement
Multi-Channel Retailing
Yield Management Pricing
Intensive Distribution
49. 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]
Inventory Management
Dual Marketing
Horizontal Price Fixing
Percentage Variation Method
50. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Flexible Pricing
Hidden Assets
Secondary Data
Retail Strategy