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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. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Electronic Point of Sale System
Traditional Department Store
Job Motivation
Cooperative Advertising
2. A retailer wants to maintain a specified ratio of goods on hand to sales
Vertical Retail Audit
Percentage Variation Method
Stock-to-Sales Method
Data-Base Retailing
3. Whereby prices are marked only on shelves or signs and not on individual items
Item Price Removal
Personal Selling
Compensation
Physical Inventory System
4. Refers to the variety in any one good/service (product line) a retailer carries
Total Retail Experience
Depth of Assortment
Retail Information System
Factory Outlet
5. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Primary Trading Area
Loss Leaders
Purchase Motivation Product Groupings
6. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Service Retailing
Purchase Motivation Product Groupings
Retail Institution
Budgeting
7. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Video Kiosk
Supply Chain
Mergers
Variable Markup Policy
8. A retailers commitment to a type of business and to a distinctive role in the marketplace
Trading Area
Ease of Entry
Sales Promotion
Organizational Mission
9. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Nonstore Retailing
Efficient Consumer Response (ECR)
Monthly Sales Index
Net Profit After Taxes
10. 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
Leader Pricing
Vertical Retail Audit
Regression Model
One-Hundred Percent Location
11. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Purchase Act
Markup Pricing
Mergers
Micromarketing
12. Involves an informal ranking of people based on income - occupation - education and other factors
Factory Outlet
Revolving Credit Account
Social Class
Frequency
13. 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
Never-Out List
Vertical Marketing System
Job Motivation
14. Used for products needing special handling
Storability Product Groupings
Discretionary income
Problem Awareness
Loss Leaders
15. Payments that retailers require of vendors for providing shelf space
Slotting Allowances
Storefront
Food-Based Superstore
Gravity Model
16. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Trading Area Overlap
Weighted Application Blank
Micromerchandising
Merchandising
17. Available within the company - sometimes from the data bank of a retail information system
Memorandum Purchase
Internal Secondary Data
Trading Area Overlap
Competitive Parity Method
18. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Purchase Act
Fad Merchandise
Trading Area Overlap
Information Search
19. An unincorporated retail firm owned by two or more persons - each with a financial interest
Horizontal Price Fixing
Gap Analysis
Partnership
Tactics
20. A manufacturer and a retailer or a wholesales and a retailer share an ad
Intensive Distribution
Balanced Tenancy
Vertical Cooperative Advertising Agreement
Battle of the Brands
21. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Stimulus
Personal Selling
Marketing Research In Retailing
Tactics
22. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Ethics
Cut Case
Neighborhood Business District
Selective Distribution
23. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Hierarchy of Effects
Supercenter
Basic Stock List
Video Kiosk
24. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Consumer Protection
Partnership
Consumer Cooperative
Everyday Low Pricing (EDLP)
25. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Merchandise Available for Sale
Experiment
Cross-Shopping
Recruitment
26. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings
Odd Pricing
Cross-Shopping
Basic Stock List
Massed Promotion Effort
27. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Full-Line Discount Store
Want Book (Want Slip)
Ethics
Core Customers
28. Where the same customers are served by both branches
Vertical Marketing System
Owned-Goods Services
Marketing Research In Retailing
Trading Area Overlap
29. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Horizontal Price Fixing
One-Hundred Percent Location
Percentage Lease
Channel Control
30. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Vendor-Managed Inventory (VMI)
Retail Promotion
Primary Trading Area
Maintenance-Increase-Recoupment Lease
31. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Nonstore Retailing
Product Life Cycle
Business Format Franchising
Electronic Article Surveillance
32. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Mazur Plan
Basic Stock Method
Consumer Decision Process
Retailing
33. The reasons for a consumers behavior
Motives
Selective Distribution
Net Sales
Rationalized Retailing
34. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Opportunities
Markup Pricing
Retail Method of Accounting
Everyday Low Pricing (EDLP)
35. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Contingency Pricing
Outsourcing
Predatory Pricing
Curing (Free-Flowing) Traffic Flow
36. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Advertising
Food-Based Superstore
Multiple-Unit Pricing
37. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Classification Merchandising
Product/Trademark Franchising
Target Marketing
Franchising
38. Beginning inventory - purchases - and transportation charges equal the cost of this
Cost of Method Accounting
String
Merchandise Available for Sale
Bifurcated Retailing
39. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
Horizontal Cooperative Advertising Agreement
Lifestyle Center
Outshopping
40. The aspects of business to which a retailers must adapt
Objectives
Point-of-Purchase Display
Uncontrollable Variables
Electronic Point of Sale System
41. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Public Relations
Prestige Pricing
Benchmarking
Maintained Markup
42. 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
Quick Response (QR) Inventory Planning
Category Killer
Data-Base Retailing
Visual Merchandising
43. Influence people's thought and behavior such as families - aspirational groups and membership groups
Operations Management
Experiment
Liabilities
Reference Groups
44. A memorized - repetitive speech given to all customers interested in a particular item
Selective Distribution
Canned Sales Presentation
Positioning
Off-Price Chain
45. 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)
Percentage Variation Method
Contingency Pricing
Yield Management Pricing
String
46. A type of retail institution in which a retailers owns one retail unit
Semantic Differential
Performance Measures
Independent
Top-Down Space Management Approach
47. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Wheel of Retailing
Organization Chart
Retail Organization
Opportunistic Buying
48. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Motives
Conventional Supermarket
Percentage Lease
Traditional Department Store
49. Typically supervises the on-floor selling and operational activities for a specific retail department
Goods/Service Category
Straight (Gridiron) Traffic Flow
Application Blank
Sales Manager
50. The merchandise categories for which data are gathered
Customer Satisfaction
Cooperative Advertising
Equal Store Organization
Control Units