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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. Payments that retailers require of vendors for providing shelf space
Routine Decision Making
Slotting Allowances
Reilly's Law of Retailing Gravitation
Cooperative Buying
2. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Marketing Research In Retailing
Electronic Data Interchange (EDI)
Cross-Shopping
Image
3. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Operations Blueprint
Physical Inventory System
Hierarchy of Effects
Liabilities
4. Refers to the variety in any one good/service (product line) a retailer carries
Reorder Point
Retail Organization
Depth of Assortment
Fringe Trading Area
5. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Household Life Cycle
Fad Merchandise
Cost of Goods Sold
Gap Analysis
6. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Customer Loyalty
Stock-to-Sales Method
Equal Store Organization
Simulation
7. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Analog Model
Vertical Cooperative Advertising Agreement
Data Warehousing
Percentage-of-Sales Method
8. An unincorporated retail firm owned by one person
Sole Proprietorship
Threats
Recruitment
Image
9. An inexpensive display that leaves merchandise in the original carton
Human Resource Management
Computerized Checkout
Cut Case
Option Credit Account
10. Embodied by a series of activities and processes that provides a certain value for the consumer
Ethics
Price Elasticity of Demand
Value (retailer)
Retail Balance
11. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Consumer Cooperative
Everyday Low Pricing (EDLP)
Dollar Control
Open-to-Buy
12. The line of business in which a retailer operates
Cost of Goods Sold
Consignment Purchase
Goods/Service Category
Need-Satisfaction Approach
13. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Trading Area
Issue (problem) Definition
Retail Promotion
Dead Areas
14. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Impulse Purchases
Cost-Oriented Pricing
Computerized Checkout
Business Format Franchising
15. When a retailer acts in the best interests of society - as well as itself
Social Responsibility
Internal Secondary Data
Fringe Trading Area
Straight (Gridiron) Traffic Flow
16. A retailers carries complementary goods and services to encourage shoppers to buy more
Americans With Disabilities Act
Curing (Free-Flowing) Traffic Flow
Central Business District
Cross-Merchandising
17. 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
Outsourcing
Job Motivation
Organization Chart
Electronic Banking
18. Mandates that persons with disabilities be given appropriate access to retailing facilities
Top-Down Space Management Approach
Americans With Disabilities Act
Neighborhood Business District
Curing (Free-Flowing) Traffic Flow
19. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Minimum-Price Laws
Benchmarking
Equal Store Organization
Exclusive Distribution
20. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Case Display
Purchase Act
Direct Store Distribution (DSD)
Department Store
21. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Job Analysis
Outshopping
Solution Selling
Model Stock Approach
22. Consists of the regular products carried by a retailer
Staple Merchandise
Retail Strategy
Analog Model
Nongoods Services
23. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Price Elasticity of Demand
Diversification
Cooperative Buying
Constrained Decision Making
24. Includes all the remaining customers - and they are the most widely dispersed
Ensemble Display
Fringe Trading Area
Membership (Warehouse) Club
Pre-Training
25. The overall plan or framework of action that guides a retailer
Hidden Assets
Trading Area
Retail Strategy
Motives
26. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Conventional Supermarket
Rationalized Retailing
Sales Promotion
Horizontal Cooperative Advertising Agreement
27. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Theme-Setting Display
Balanced Tenancy
Opportunity Costs
Mazur Plan
28. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Assortment Merchandise
Memorandum Purchase
Storability Product Groupings
Routine Decision Making
29. Represents the total bundle of benefits offered to consumers through a channel of distribution
Value Chain
Slotting Allowances
Sales Opportunity Grid
Traditional Job Description
30. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Retail Balance
Flexible Pricing
Weeks' Supply Method
Markup Pricing
31. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Incremental Budgeting
Electronic Point of Sale System
Merchandise Available for Sale
Reilly's Law of Retailing Gravitation
32. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Specialty Store
Dead Areas
Niche Retailing
Additional Markup
33. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Distributed Promotion Effort
Consumer Loyalty (Frequent Shopper) Programs
Retail Information System
34. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Cooperative Advertising
Diversification
Neighborhood Shopping Center
Mass Marketing
35. Whereby each department is subdivided into further categories for related types of merchandise
Classification Merchandising
Purchase Act
Consumer Protection
Maintenance-Increase-Recoupment Lease
36. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Manufacturer (national) Brands
Multiple-Unit Pricing
Straight (Gridiron) Traffic Flow
FIFO (first-in-first-out) Method
37. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Organizational Mission
Performance Measures
Canned Sales Presentation
Culture
38. 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)
Taxes
Curing (Free-Flowing) Traffic Flow
Objective-and-Task Method
Vertical Cooperative Advertising Agreement
39. Information is systematically gathered from respondents by communicating with them
Survey
Open Credit Account
Width of Assortment
Specialty Store
40. Competition between manufacturers and retailers for shelf space and profits
Retail Life Cycle
Battle of the Brands
Diversified Retailer
Dead Areas
41. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Supermarket
Efficient Consumer Response (ECR)
Taxes
Seasonal Merchandise
42. 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
Initial Markup
Routine Decision Making
Goods/Service Category
Horizontal Retail Audit
43. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Cooperative Advertising
RFID (radio frequency identification)
Community Shopping Center
Mergers
44. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Competition-Oriented Pricing
Infomercial
Multi-Channel Retailing
Public Relations
45. Beginning inventory - purchases - and transportation charges equal the cost of this
Productivity
Merchandise Available for Sale
Massed Promotion Effort
Price Elasticity of Demand
46. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Merchandise Available for Sale
Sorting Process
Quick Response (QR) Inventory Planning
Basic Stock List
47. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Fringe Trading Area
Value Chain
Logistics
Retail Audit
48. the drive within people to attain work-related goals - can be positive or negative
Job Motivation
Minimum-Price Laws
Micromarketing
Open-to-Buy
49. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Opportunistic Buying
Service Retailing
Situation Analysis
Basic Stock List
50. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Retail Strategy
Traditional Job Description
Personality
Power Center