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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. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Item Price Removal
Consumer Behavior
Marquee
Supercenter
2. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Consumer Decision Process
Customer Loyalty
Infomercial
Assets
3. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Retail Strategy
Service Retailing
Employee Empowerment
Cooperative Advertising
4. Displays merchandise by common end use
Mass Merchandising
Functional Product Groupings
Ease of Entry
Intensive Distribution
5. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Downsizing
Rack Display
Value Chain
Micromarketing
6. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Productivity
Cross-Merchandising
Markup Pricing
Strategy Mix
7. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Purchase Act
Percentage-of-Sales Method
Basic Stock List
Retail Balance
8. 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
Data Mining
Cost-Oriented Pricing
Recruitment
Sorting Process
9. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
FIFO (first-in-first-out) Method
Sales Manager
Niche Retailing
Zero-Based Budgeting
10. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Positioning
Training Programs
Multi-Channel Retailing
Customer Service
11. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Mazur Plan
Uncontrollable Variables
Curing (Free-Flowing) Traffic Flow
Perceived Risk
12. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Retail Information System
Bifurcated Retailing
Regression Model
Opportunity Costs
13. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Basic Stock List
Channel of Distribution
Recruitment
Leader Pricing
14. Payments that retailers require of vendors for providing shelf space
Gross Profit (margin)
Slotting Allowances
Performance Measures
Consumer Loyalty (Frequent Shopper) Programs
15. The cost of running a retail business
Problem Awareness
Operating Expenses
Independent
Full-Line Discount Store
16. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Generic Brands
Retail Organization
Consumer Cooperative
Evaluation of Alternatives
17. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Uncontrollable Variables
Limited Decision Making
Nonstore Retailing
Value Chain
18. A retailers best customers
Customer Loyalty
Personality
Core Customers
Assortment
19. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Food-Based Superstore
Vendor-Managed Inventory (VMI)
Data Warehousing
One-Price Policy
20. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Post-Purchase Behavior
Top-Down Space Management Approach
Category Killer
Strategy Mix
21. 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
Evaluation of Alternatives
Non-probability Sample
Prototype Stores
Compensation
22. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Experiment
Conventional Supermarket
LIFO (last-in-first-out) Method
Stimulus
23. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Consumer Protection
Evaluation of Alternatives
Consumer Behavior
Department Store
24. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Direct Product Profitability (DPP)
Ease of Entry
Minimum-Price Laws
Product Life Cycle
25. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Monthly Sales Index
Lifestyle Center
Franchising
Strategy Mix
26. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Single-Channel Retailing
Consumer Decision Process
Evaluation of Alternatives
Data-Base Management
27. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Huff's Law of Shopper Attraction
Ethics
Category Killer
Net Worth
28. Shows the expected behavior of a good or service over its life
Organization Chart
Secondary Trading Area
Product Life Cycle
Business Format Franchising
29. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Sales Opportunity Grid
Percentage-of-Sales Method
Need-Satisfaction Approach
Financial Merchandise Management
30. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Operating Expenses
Hidden Assets
Net Profit After Taxes
31. There is more interactive relationship between a franchisor and a franchisee
Reilly's Law of Retailing Gravitation
Business Format Franchising
Customer Satisfaction
Micromarketing
32. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Resident Buying Office
Image
Franchising
Traditional Department Store
33. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Prototype Stores
Productivity
Weeks' Supply Method
Economic Base
34. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Box (Limited-Line) Store
Traditional Department Store
Dead Areas
Want Book (Want Slip)
35. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Vertical Price Fixing
Objectives
Combination Store
Community Shopping Center
36. Involves an informal ranking of people based on income - occupation - education and other factors
Cooperative Buying
Job Motivation
Supercenter
Social Class
37. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Multiple-Unit Pricing
Basic Stock Method
Quick Response (QR) Inventory Planning
Social Responsibility
38. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Value (customer)
Bottom-Up Space Management Approach
Customer Satisfaction
Net Sales
39. Out-of-hometown shopping - is important for both local and surrounding retailers
Outshopping
Neighborhood Business District
Incremental Method
Merchandising
40. 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
Fad Merchandise
Planogram
Private (dealer) Brands
Bottom-Up Space Management Approach
41. 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
Objective-and-Task Method
Maintenance-Increase-Recoupment Lease
Customary Pricing
Visual Merchandising
42. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Traditional Job Description
Family Life Cycle
Channel of Distribution
Analog Model
43. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Computerized Checkout
Automatic Reordering System
Value Delivery System
Balanced Tenancy
44. Marketplace opening that exist because other retailers have not yet capitalized on them
Family Life Cycle
Rationalized Retailing
Perceived Risk
Opportunities
45. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Internet
Operating Expenditures
Never-Out List
Planogram
46. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Value Chain
Community Shopping Center
Straight (Gridiron) Traffic Flow
Frequency
47. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Wheel of Retailing
Competitive Parity Method
Niche Retailing
Consumer Cooperative
48. The sum total of an individuals traits - which make that individual unique
Personality
Internet
Efficient Consumer Response (ECR)
Percentage Lease
49. Lets consumers bargain over prices; those who are good at it obtain lower prices
Reorder Point
Market Segment Product Groupings
Personal Selling
Flexible Pricing
50. Signals or cues as to the success or failure of that each part of the strategy
Retail Balance
Category Killer
Feedback
Culture