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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. 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
Demographics
Secondary Business District (SBD)
Personality
Vertical Retail Audit
2. 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
Inventory Management
Image
Problem Awareness
Weeks' Supply Method
3. Shows the expected behavior of a good or service over its life
Vendor-Managed Inventory (VMI)
Liabilities
Gross Margin
Product Life Cycle
4. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Service Retailing
Leader Pricing
Performance Measures
Bifurcated Retailing
5. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Opportunistic Buying
Application Blank
Incremental Method
Attitudes (Opinions)
6. A planned shopping facility - with the largest store being a supermarket or a drugstore
Product/Trademark Franchising
Neighborhood Shopping Center
Reference Groups
Franchising
7. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Gross Profit (margin)
Solution Selling
Value (retailer)
Unit Pricing
8. 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
Semantic Differential
Job Motivation
Impulse Purchases
Video Kiosk
9. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Weighted Application Blank
Selective Distribution
Retail Promotion
Automatic Reordering System
10. A retailer charges the same price to all customers buying an item under similar conditions
Stock-to-Sales Method
Fringe Trading Area
One-Price Policy
Outshopping
11. The mix of stores within a district or shopping center
Retail Balance
Secondary Data
Mergers
Product Life Cycle
12. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Full-Line Discount Store
Mazur Plan
Secondary Trading Area
Term Occupancy
13. 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
Balanced Tenancy
Markdown
Theme-Setting Display
Basic Stock List
14. 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
Incremental Budgeting
Manufacturer (national) Brands
Demand-Oriented Pricing
Assets
15. The overall plan guiding a retail firm
Electronic Article Surveillance
Retail Strategy
Yield Management Pricing
Odd Pricing
16. 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
Compensation
Competition-Oriented Pricing
Positioning
Variable Pricing
17. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Retail Information System
Specialog
Hidden Assets
Conventional Supermarket
18. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Ethics
Nonstore Retailing
Basic Stock List
Quick Response (QR) Inventory Planning
19. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Evaluation of Alternatives
Minimum-Price Laws
Item Price Removal
Direct Marketing
20. The service level that customers want to receive from any retailer - such as basic employee courtesy
Sales Opportunity Grid
Household Life Cycle
Expected Customer Service
Trading Area Overlap
21. A retail firm owned by its customer members
Product/Trademark Franchising
Multi-Channel Retailing
Consumer Cooperative
Nongoods Services
22. Exhibits heavier - bulkier items than a rack holds
Franchising
Minimum-Price Laws
Mass Marketing
Case Display
23. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Video Kiosk
Bifurcated Retailing
Sales Opportunity Grid
Micromerchandising
24. A retailer purposely adjusts markups by merchandise category
Mazur Plan
Model Stock Approach
Variable Markup Policy
Assets
25. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Human Resource Management
Constrained Decision Making
Straight (Gridiron) Traffic Flow
Electronic Article Surveillance
26. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Floor-Ready Merchandise
Customer Service
Electronic Point of Sale System
Prototype Stores
27. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Consumer Protection
Convenience Store
Social Responsibility
Training Programs
28. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Compensation
Percentage Lease
Massed Promotion Effort
Corporation
29. A manufacturer and a retailer or a wholesales and a retailer share an ad
Vertical Cooperative Advertising Agreement
Lifestyle Center
Consumer Loyalty (Frequent Shopper) Programs
Reilly's Law of Retailing Gravitation
30. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Positioning
Huff's Law of Shopper Attraction
Cost of Method Accounting
Consignment Purchase
31. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Goods/Service Category
Horizontal Cooperative Advertising Agreement
Geographical Information System
Direct Store Distribution (DSD)
32. Beginning inventory - purchases - and transportation charges equal the cost of this
Cooperative Advertising
Intensive Distribution
Merchandise Available for Sale
Reach
33. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Perceived Risk
Assets
Universal Product Code (UPC)
34. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Open Credit Account
Traditional Job Description
Vertical Cooperative Advertising Agreement
Sales Opportunity Grid
35. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Merchandising Philosophy
Computerized Checkout
Resident Buying Office
Markup Pricing
36. Payments that retailers require of vendors for providing shelf space
Core Customers
Monthly Sales Index
Prototype Stores
Slotting Allowances
37. Based on the original retail value assigned to merchandise less the costs of the merchandise
Direct Product Profitability (DPP)
Percentage-of-Sales Method
Initial Markup
Survey
38. The manner of providing a job environment that encourages employee accomplishment
Data Warehousing
Supervision
Cut Case
Recruitment
39. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Order-Getting Salesperson
Tactics
Horizontal Retail Audit
Retail Organization
40. 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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41. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Non-probability Sample
Markup Pricing
Concentrated Marketing
Seasonal Merchandise
42. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Experiential Merchandising
Zero-Based Budgeting
Secondary Business District (SBD)
Publicity
43. Where the same customers are served by both branches
Cost-Oriented Pricing
Secondary Trading Area
Category Killer
Trading Area Overlap
44. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
External Secondary Data
Conventional Supermarket
Prestige Pricing
Electronic Banking
45. A type of retail institution that is a department in a retail store that is rented to an outside party
Mergers
Secondary Trading Area
Leased Department
Gross Margin
46. When manufacturers and wholesales seek to control the retail prices of their goods and services
Consumer Loyalty (Frequent Shopper) Programs
Vertical Price Fixing
Staple Merchandise
Electronic Point of Sale System
47. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Primary Trading Area
Customer Loyalty
Computerized Checkout
Secondary Data
48. The positive - neutral or negative feelings a person has about different topics
Community Shopping Center
Planogram
Attitudes (Opinions)
Video Kiosk
49. 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
Analog Model
Markup Pricing
Cost of Goods Sold
Goods/Service Category
50. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Reach
Never-Out List
Product Life Cycle
Regional Shopping Center