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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Product/Trademark Franchising
Mazur Plan
Case Display
Floor-Ready Merchandise
2. Two or more retailers share an ad
Customer Satisfaction
Horizontal Cooperative Advertising Agreement
Atmosphere (atmospherics)
Mass Marketing
3. Zeroing in on one specific group
Stock Turnover
Regional Shopping Center
Internal Secondary Data
Concentrated Marketing
4. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Outshopping
Niche Retailing
Opportunities
Benchmarking
5. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Convenience Store
Prototype Stores
Gravity Model
Consumer Decision Process
6. 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
Routine Decision Making
Price Elasticity of Demand
Dead Areas
Sorting Process
7. Assigns floor space on the basis of sales or profit per foot
Consignment Purchase
Variety Store
Sales-Productivity Ratio
Cognitive Dissonance
8. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Relationship Retailing
Rented-Goods Services
Opportunity Costs
Value Chain
9. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Debit Card System
Seasonal Merchandise
Weeks' Supply Method
Variety Store
10. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Non-probability Sample
Secondary Trading Area
Purchase Motivation Product Groupings
Resident Buying Office
11. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Assortment Display
Public Relations
Retailing Concept
Merchandising Philosophy
12. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Expected Customer Service
Percentage Lease
Net Lease
Organizational Mission
13. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Cognitive Dissonance
Organization Chart
Specialty Store
Hierarchy of Authority
14. Every store - product - or customer has an equal or known chance of being chosen for a study
Probability (Random) Sample
Data-Base Management
Full-Line Discount Store
Price-Quality Association
15. 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
Off-Price Chain
Vertical Marketing System
Quick Response (QR) Inventory Planning
Private (dealer) Brands
16. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Job Motivation
Semantic Differential
Tactics
Marketing Research In Retailing
17. An inexpensive display that leaves merchandise in the original carton
FIFO (first-in-first-out) Method
Competitive Parity Method
Cut Case
Non-probability Sample
18. The service level that customers want to receive from any retailer - such as basic employee courtesy
Expected Customer Service
Want Book (Want Slip)
Vertical Marketing System
Primary Trading Area
19. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Automatic Reordering System
Customer Service
Sorting Process
Direct Selling
20. The number of distinct people exposed to a retailers promotion efforts in a specific period
Item Price Removal
Odd Pricing
Term Occupancy
Reach
21. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Customer Loyalty
Percentage Variation Method
Motives
Food-Based Superstore
22. Short-term selling and administrative costs in running a business
Nonstore Retailing
Operating Expenditures
Order-Taking Salesperson
Theme-Setting Display
23. 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)
Forecasts
Nonstore Retailing
Diversified Retailer
Objective-and-Task Method
24. A manufacturer and a retailer or a wholesales and a retailer share an ad
Hidden Assets
Vertical Cooperative Advertising Agreement
Customer Service
Markdown
25. Includes all the remaining customers - and they are the most widely dispersed
Experiment
Fringe Trading Area
Concentrated Marketing
Motives
26. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Curing (Free-Flowing) Traffic Flow
Personality
Purchase Act
Data-Base Retailing
27. A retailer sets its prices in accordance with competitors'
Experiment
Competition-Oriented Pricing
Electronic Article Surveillance
Partnership
28. the drive within people to attain work-related goals - can be positive or negative
Functional Product Groupings
Word of Mouth (WOM)
Differentiated Marketing
Job Motivation
29. Consumers feel high prices connote high quality and low prices connote low quality
Price-Quality Association
Operating Expenditures
Demand-Oriented Pricing
Personal Selling
30. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Product Life Cycle
Service Retailing
Geographical Information System
Zero-Based Budgeting
31. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Regional Shopping Center
Chargebacks
Retail Life Cycle
Basic Stock Method
32. Doubt that the correct decision has been made
Reach
Gap Analysis
All-You-Can-Afford Method
Cognitive Dissonance
33. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Markup Pricing
Consumer Loyalty (Frequent Shopper) Programs
Percentage Lease
Universal Product Code (UPC)
34. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Job Analysis
Sales Manager
Operating Expenses
Odd Pricing
35. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Data-Base Retailing
Liabilities
Combination Store
Percentage-of-Sales Method
36. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Nonstore Retailing
Limited Decision Making
Dead Areas
Electronic Point of Sale System
37. The portion of revenues turned over to the federal - state and/or local government
Leased Department
Merchandising
Tactics
Taxes
38. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Supercenter
Electronic Banking
Probability (Random) Sample
39. 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)
Mergers
Class Consciousness
Goods/Service Category
Yield Management Pricing
40. A memorized - repetitive speech given to all customers interested in a particular item
Canned Sales Presentation
Monthly Sales Index
Percentage-of-Sales Method
Computerized Checkout
41. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Horizontal Cooperative Advertising Agreement
Lifestyle Center
Demographics
Cut Case
42. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
Storefront
Non-probability Sample
Minimum-Price Laws
43. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Memorandum Purchase
Percentage Lease
Dead Areas
Hierarchy of Authority
44. Whereby franchisors limit franchisee involvement in the strategic planning process
Generic Brands
Survey
Constrained Decision Making
Sales Opportunity Grid
45. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Wheel of Retailing
Assets
Weighted Application Blank
Depth of Assortment
46. Available within the company - sometimes from the data bank of a retail information system
Internal Secondary Data
Massed Promotion Effort
Want Book (Want Slip)
World Wide Web
47. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Leased Department
Variety Store
Book (Perpetual) Inventory System
Sorting Process
48. Out-of-hometown shopping - is important for both local and surrounding retailers
Width of Assortment
Social Class
Convenience Store
Outshopping
49. A way to collect - store and use relevant information about customers
Flea Market
Data-Base Retailing
Primary Trading Area
Customer Satisfaction
50. Whereby goods owned by consumers are repaired - improved - or maintained
Gravity Model
Consumer Decision Process
Taxes
Owned-Goods Services
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