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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. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Classification Merchandising
Additional Markup
Compensation
Markdown
2. 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
Regression Model
Impulse Purchases
Efficient Consumer Response (ECR)
Percentage Variation Method
3. The line of business in which a retailer operates
Goods/Service Category
Target Marketing
Analog Model
Stimulus
4. The mix of stores within a district or shopping center
Secondary Trading Area
Retail Balance
Americans With Disabilities Act
Channel of Distribution
5. Lets consumers bargain over prices; those who are good at it obtain lower prices
Flexible Pricing
Physical Inventory System
Rack Display
Electronic Data Interchange (EDI)
6. Takes place when the consumer buys out of habit and skips steps in the purchase process
Recruitment
Cross-Merchandising
Owned-Goods Services
Routine Decision Making
7. Determines the floor space necessary to carry and display a proper merchandise assortment
Order-Taking Salesperson
Model Stock Approach
Demand-Oriented Pricing
Width of Assortment
8. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Reorder Point
All-You-Can-Afford Method
Central Business District
9. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Retail Strategy
Floor-Ready Merchandise
Internet
Price-Quality Association
10. Two or more retailers share an ad
Budgeting
Horizontal Cooperative Advertising Agreement
Opportunistic Buying
Cost of Goods Sold
11. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Word of Mouth (WOM)
Household Life Cycle
Limited Decision Making
Cross-Shopping
12. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Primary Data
Reference Groups
Mystery Shoppers
13. Logically assumes old merchandise is sold first - while newer items remain in inventory
FIFO (first-in-first-out) Method
Data-Base Retailing
Graduated Lease
Reilly's Law of Retailing Gravitation
14. 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
Huff's Law of Shopper Attraction
Hierarchy of Authority
Private (dealer) Brands
Customer Service
15. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Order-Getting Salesperson
Private (dealer) Brands
Product Life Cycle
Efficient Consumer Response (ECR)
16. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Public Relations
Dual Marketing
Organization Chart
Combination Store
17. Occurs when a consumer makes full use of the decision process
Extended Decision Making
Retail Life Cycle
Merchandising
Customary Pricing
18. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share
Assets
Traditional Department Store
Point-of-Purchase Display
Analog Model
19. Increases an item's original price because demand is unexpectedly high or costs are rising
Expected Customer Service
Additional Markup
Equal Store Organization
Selective Distribution
20. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Universal Product Code (UPC)
Financial Merchandise Management
Fashion Merchandise
Electronic Data Interchange (EDI)
21. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Experiment
Value Delivery System
Demand-Oriented Pricing
Resident Buying Office
22. The number of distinct people exposed to a retailers promotion efforts in a specific period
Reach
Value (customer)
Incremental Method
Personal Selling
23. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Bottom-Up Space Management Approach
Retail Balance
Markdown
Inventory Shrinkage
24. Doubt that the correct decision has been made
Cognitive Dissonance
Target Marketing
Independent
Supermarket
25. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Non-probability Sample
Geographical Information System
Point-of-Purchase Display
Basic Stock Method
26. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Motives
Membership (Warehouse) Club
Sales Manager
Pre-Training
27. A retailer wants to maintain a specified ratio of goods on hand to sales
Top-Down Space Management Approach
Stock-to-Sales Method
Contingency Pricing
Sorting Process
28. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period
Liabilities
Dollar Control
Taxes
Storefront
29. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Balanced Tenancy
Economic Base
Non-probability Sample
Job Analysis
30. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Gross Profit (margin)
Exclusive Distribution
Electronic Point of Sale System
Gap Analysis
31. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Merchandise Available for Sale
Stock-to-Sales Method
Leader Pricing
Computerized Checkout
32. The extent to which a person desires and pursues social status
Ease of Entry
Total Retail Experience
Basic Stock List
Class Consciousness
33. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Item Price Removal
Economic Base
Storability Product Groupings
Post-Purchase Behavior
34. The overall plan or framework of action that guides a retailer
Direct Selling
Multi-Channel Retailing
Retail Strategy
Competition-Oriented Pricing
35. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Leader Pricing
Cognitive Dissonance
Household Life Cycle
36. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Robinson-Patman Act
Inventory Shrinkage
Revolving Credit Account
Customer Loyalty
37. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Augmented Customer Service
Basic Stock List
Book (Perpetual) Inventory System
Horizontal Price Fixing
38. Concentrates on selling one goods or service line - such as young women's apparel
Never-Out List
Point-of-Purchase Display
Computerized Checkout
Specialty Store
39. 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
Controllable Variables
Horizontal Price Fixing
Limited Decision Making
Retail Information System
40. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Multi-Channel Retailing
Central Business District
Routine Decision Making
Weighted Application Blank
41. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Independent
Bait-and-Switch Advertising
Multi-Channel Retailing
Weeks' Supply Method
42. Based on the original retail value assigned to merchandise less the costs of the merchandise
Ease of Entry
Operating Expenditures
Regression Model
Initial Markup
43. Out-of-hometown shopping - is important for both local and surrounding retailers
Pre-Training
Cross-Merchandising
Rack Display
Outshopping
44. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Culture
Maintained Markup
Merchandising
Operating Expenses
45. Has a primarily functional use: to neatly hang or present products
Neighborhood Shopping Center
Depth of Assortment
Consumer Loyalty (Frequent Shopper) Programs
Rack Display
46. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Net Profit After Taxes
Attitudes (Opinions)
Budgeting
Ease of Entry
47. 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
Simulation
Micromerchandising
Purchase Act
Experiential Merchandising
48. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Loss Leaders
Convenience Store
Bait-and-Switch Advertising
Open-to-Buy
49. Many retail vendors sell a range of products at discount prices in plain surroundings
Ethics
Product/Trademark Franchising
Flea Market
Staple Merchandise
50. Consumers feel high prices connote high quality and low prices connote low quality
Evaluation of Alternatives
Price-Quality Association
Electronic Banking
Trading Area