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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. Used by retailers that promote throughout the year
Economic Base
Organizational Mission
Motives
Distributed Promotion Effort
2. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Reverse Logistics
World Wide Web
Direct Marketing
Factory Outlet
3. 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
Infomercial
Book (Perpetual) Inventory System
Assortment Merchandise
Loss Leaders
4. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Item Price Removal
Contingency Pricing
Classification Merchandising
Outsourcing
5. 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
Multi-Channel Retailing
Never-Out List
Direct Selling
6. A large - planned shopping facility appealing to a geographically dispersed market
Strategy Mix
Non-probability Sample
Evaluation of Alternatives
Regional Shopping Center
7. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Micromarketing
Retail Audit
Rack Display
Mergers
8. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Value (customer)
Goods Retailing
Neighborhood Shopping Center
Universal Product Code (UPC)
9. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Cost-Oriented Pricing
Wheel of Retailing
Sales Manager
Horizontal Cooperative Advertising Agreement
10. A sign that displays the store's name
Ease of Entry
Curing (Free-Flowing) Traffic Flow
Net Worth
Marquee
11. A listing of bipolar adjectives scales
Culture
Purchase Motivation Product Groupings
Supermarket
Semantic Differential
12. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Resident Buying Office
Point of Difference
Bifurcated Retailing
Routine Decision Making
13. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Consignment Purchase
Organizational Mission
Retail Life Cycle
Markdown
14. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Human Resource Management
Discretionary income
Customer Service
Price Lining
15. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Productivity
Percentage-of-Sales Method
Destination Retailer
Neighborhood Shopping Center
16. Available from sources outside the firm
Social Responsibility
External Secondary Data
Secondary Business District (SBD)
Department Store
17. A retailer sets its prices in accordance with competitors'
Competition-Oriented Pricing
Reorder Point
Cross-Shopping
Graduated Lease
18. The difference between net sales and the total cost of goods sold
Gross Margin
Electronic Article Surveillance
Net Worth
Visual Merchandising
19. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Variable Pricing
Trading Area
Model Stock Approach
Differentiated Marketing
20. The number of distinct people exposed to a retailers promotion efforts in a specific period
Reach
Fad Merchandise
Issue (problem) Definition
Data-Base Retailing
21. Mandates that persons with disabilities be given appropriate access to retailing facilities
RFID (radio frequency identification)
Partnership
Universal Product Code (UPC)
Americans With Disabilities Act
22. Embodied by a series of activities and processes that provides a certain value for the consumer
Model Stock Approach
Weeks' Supply Method
Dual Marketing
Value (retailer)
23. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Loss Leaders
Storefront
Physical Inventory System
Zero-Based Budgeting
24. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Bottom-Up Space Management Approach
Micromerchandising
Horizontal Retail Audit
Performance Measures
25. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Assets
Application Blank
Hierarchy of Effects
Impulse Purchases
26. A retailer carries more items than expects to sell over a specified period
Value Delivery System
Zero-Based Budgeting
Retail Strategy
Basic Stock Method
27. A multi-line firm operating under central ownership
Social Responsibility
Warehouse Store
Horizontal Cooperative Advertising Agreement
Diversified Retailer
28. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Frequency
Visual Merchandising
Sales Promotion
Leader Pricing
29. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Ease of Entry
Markup Pricing
Direct Store Distribution (DSD)
Business Format Franchising
30. 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)
Control
Objective-and-Task Method
Image
Flexible Pricing
31. Competition between manufacturers and retailers for shelf space and profits
Opportunities
Convenience Store
Cost of Method Accounting
Battle of the Brands
32. Whereby consumers lease and use goods for specified periods of time
Rented-Goods Services
Data Warehousing
Convenience Store
Manufacturer (national) Brands
33. A retail firm owned by its customer members
Dollar Control
Consumer Cooperative
Compensation
Family Life Cycle
34. 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
Manufacturer (national) Brands
Net Lease
Independent
Graduated Lease
35. The profit earned after all costs and taxes have been deducted
Infomercial
Net Profit After Taxes
Battle of the Brands
Percentage Variation Method
36. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Community Shopping Center
Solution Selling
Geographical Information System
Goods/Service Category
37. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Unit Pricing
Warehouse Store
Basic Stock List
Secondary Trading Area
38. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Prototype Stores
LIFO (last-in-first-out) Method
Hidden Assets
Customary Pricing
39. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Niche Retailing
Business Format Franchising
Video Kiosk
Trading Area
40. Doubt that the correct decision has been made
Balanced Tenancy
Evaluation of Alternatives
Cognitive Dissonance
Quick Response (QR) Inventory Planning
41. 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
Horizontal Price Fixing
Cooperative Advertising
Electronic Banking
Multi-Channel Retailing
42. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Bait-and-Switch Advertising
Percentage-of-Sales Method
Flexible Pricing
Storefront
43. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Price-Quality Association
Consumer Cooperative
Huff's Law of Shopper Attraction
Zero-Based Budgeting
44. The customer group sought by a retailer
Supercenter
Target Marketing
Competition-Oriented Pricing
Demographics
45. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Staple Merchandise
Top-Down Space Management Approach
Consumer Loyalty (Frequent Shopper) Programs
Open-to-Buy
46. 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
Operations Blueprint
Depth of Assortment
Physical Inventory System
Impulse Purchases
47. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Reorder Point
Application Blank
Electronic Banking
Basic Stock List
48. Exhibits heavier - bulkier items than a rack holds
Percentage Variation Method
RFID (radio frequency identification)
Case Display
Battle of the Brands
49. Occurs when one consumer talks to others; can build a chain of customers
Battle of the Brands
Sales Manager
Vending Machine
Word of Mouth (WOM)
50. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Independent
Assortment Display
Memorandum Purchase
Job Analysis