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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. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Downsizing
Point of Difference
Rented-Goods Services
Exclusive Distribution
2. Depicts a product offering in a thematic manner and sets a specific mood
Primary Trading Area
Budgeting
Theme-Setting Display
Logistics
3. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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4. A listing of bipolar adjectives scales
Electronic Data Interchange (EDI)
Goal-Oriented Job Description
Semantic Differential
Customer Satisfaction
5. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Staple Merchandise
Bottom-Up Space Management Approach
Retail Promotion
6. 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)
Distributed Promotion Effort
Image
Objective-and-Task Method
Traditional Job Description
7. Two or more retailers share an ad
Electronic Banking
Horizontal Cooperative Advertising Agreement
Chargebacks
Cognitive Dissonance
8. A memorized - repetitive speech given to all customers interested in a particular item
Canned Sales Presentation
Supermarket
Community Shopping Center
Evaluation of Alternatives
9. A retail firm owned by its customer members
Data Mining
Bottom-Up Space Management Approach
Storability Product Groupings
Consumer Cooperative
10. 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
Specialog
Initial Markup
Planogram
Compensation
11. Whereby consumers lease and use goods for specified periods of time
Mergers
Organizational Mission
Rented-Goods Services
Initial Markup
12. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Price-Quality Association
Extended Decision Making
Width of Assortment
Direct Marketing
13. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Expected Customer Service
Controllable Variables
Maintenance-Increase-Recoupment Lease
Retail Promotion
14. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Yield Management Pricing
Taxes
Consumer Loyalty (Frequent Shopper) Programs
All-You-Can-Afford Method
15. Available from sources outside the firm
Intensive Distribution
External Secondary Data
Mazur Plan
Economic Base
16. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Bottom-Up Space Management Approach
Additional Markup
Direct Store Distribution (DSD)
Controllable Variables
17. The service level that customers want to receive from any retailer - such as basic employee courtesy
Straight (Gridiron) Traffic Flow
Operations Blueprint
Primary Data
Expected Customer Service
18. A manufacturer and a retailer or a wholesales and a retailer share an ad
Vertical Cooperative Advertising Agreement
Sales Promotion
Storefront
Net Lease
19. Involves oral communication with one or more prospective customers for the purpose of making a sale
Zero-Based Budgeting
Opportunities
External Secondary Data
Personal Selling
20. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Service Retailing
Logistics
Inventory Management
Never-Out List
21. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Stock Turnover
Probability (Random) Sample
Sales Opportunity Grid
Dump Bin
22. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Secondary Data
Gravity Model
Assortment
Positioning
23. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Organizational Mission
Curing (Free-Flowing) Traffic Flow
Downsizing
Bifurcated Retailing
24. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Secondary Trading Area
Experiential Merchandising
Consumer Decision Process
Option Credit Account
25. 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
Diversified Retailer
Product/Trademark Franchising
Forecasts
26. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Leased Department
Hierarchy of Authority
Augmented Customer Service
Factory Outlet
27. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Private (dealer) Brands
Inventory Shrinkage
Sales Promotion
Variable Pricing
28. The profit earned after all costs and taxes have been deducted
Net Profit After Taxes
Wheel of Retailing
HRM Process
Supervision
29. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display
FIFO (first-in-first-out) Method
Vertical Retail Audit
Cost-Oriented Pricing
Quick Response (QR) Inventory Planning
30. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Consumer Behavior
Category Management
Customer Satisfaction
Vertical Retail Audit
31. Many retail vendors sell a range of products at discount prices in plain surroundings
Geographical Information System
Employee Empowerment
Flea Market
Rack Display
32. 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
Operations Management
Net Lease
Geographical Information System
33. Consists of the regular products carried by a retailer
Affinity
Staple Merchandise
Micromerchandising
Open-to-Buy
34. The mix of stores within a district or shopping center
Retail Organization
Sales-Productivity Ratio
Point-of-Purchase Display
Retail Balance
35. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Frequency
Value (retailer)
Core Customers
Cross-Shopping
36. The long-run and short-run performance targets a retailers hopes to attain
Objectives
Theme-Setting Display
Functional Product Groupings
Goal-Oriented Job Description
37. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period
Opportunistic Buying
Performance Measures
Dollar Control
Net Lease
38. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Internet
Traditional Job Description
Sales Manager
Secondary Data
39. Whereby a retailers sells to consumers through multiple retail formats
Never-Out List
Community Shopping Center
Multi-Channel Retailing
Family Life Cycle
40. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Unit Pricing
Factory Outlet
Problem Awareness
Discretionary income
41. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Retail Method of Accounting
Reverse Logistics
Motives
Solution Selling
42. When manufacturers and wholesales seek to control the retail prices of their goods and services
Retail Strategy
Control Units
Vertical Price Fixing
Yield Management Pricing
43. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Power Center
Ethics
Net Worth
Quick Response (QR) Inventory Planning
44. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Loss Leaders
Internet
Yield Management Pricing
Staple Merchandise
45. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Staple Merchandise
Scrambled Merchandising
Benchmarking
Corporation
46. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Nonstore Retailing
Forecasts
Staple Merchandise
Incremental Budgeting
47. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Attitudes (Opinions)
Multi-Channel Retailing
Net Profit After Taxes
Experiential Merchandising
48. A type of retail institution that is a department in a retail store that is rented to an outside party
Reverse Logistics
Inventory Shrinkage
Leased Department
Geographical Information System
49. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Open-to-Buy
Retail Promotion
Hierarchy of Effects
Consumer Loyalty (Frequent Shopper) Programs
50. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Fashion Merchandise
Demand-Oriented Pricing
Regression Model
Mystery Shoppers