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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
Dollar Control
Vertical Retail Audit
Customer Service
Leased Department
2. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Total Retail Experience
Reverse Logistics
Marketing Research In Retailing
Image
3. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Full-Line Discount Store
Retail Strategy
Fashion Merchandise
Ethics
4. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Order-Taking Salesperson
Multi-Channel Retailing
Trading Area
Graduated Lease
5. 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
Compensation
External Secondary Data
Consumer Behavior
Ease of Entry
6. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Cost of Method Accounting
Massed Promotion Effort
Dual Marketing
Forecasts
7. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Gross Profit (margin)
Sales-Productivity Ratio
Cooperative Buying
Point-of-Purchase Display
8. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Consumer Behavior
Inventory Shrinkage
Initial Markup
Cross-Shopping
9. The criteria used to assess effectiveness
Recruitment
Objectives
Option Credit Account
Performance Measures
10. Two or more retailers share an ad
Retail Strategy
Bait-and-Switch Advertising
Case Display
Horizontal Cooperative Advertising Agreement
11. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Chargebacks
All-You-Can-Afford Method
Sales Promotion
Budgeting
12. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Contingency Pricing
Supermarket
Rationalized Retailing
Prestige Pricing
13. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Micromerchandising
Unit Pricing
Storability Product Groupings
Publicity
14. Involves an informal ranking of people based on income - occupation - education and other factors
Automatic Reordering System
Employee Empowerment
Social Class
Community Shopping Center
15. An unincorporated retail firm owned by one person
Neighborhood Business District
Sole Proprietorship
World Wide Web
Variety Store
16. The manner of providing a job environment that encourages employee accomplishment
Consumer Cooperative
Nonstore Retailing
Inventory Shrinkage
Supervision
17. 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
Visual Merchandising
Computerized Checkout
Battle of the Brands
Regional Shopping Center
18. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Downsizing
Retailing Concept
Public Relations
Food-Based Superstore
19. Takes place when the consumer buys out of habit and skips steps in the purchase process
Electronic Data Interchange (EDI)
Storefront
Infomercial
Routine Decision Making
20. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Retail Promotion
Objective-and-Task Method
Floor-Ready Merchandise
Retail Audit
21. Takes a customer-centered approach and presents "solutions" rather than "products"
Order-Taking Salesperson
Solution Selling
Secondary Trading Area
Expected Customer Service
22. Doubt that the correct decision has been made
RFID (radio frequency identification)
Curing (Free-Flowing) Traffic Flow
Cognitive Dissonance
Computerized Checkout
23. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Cost-Oriented Pricing
Rationalized Retailing
Markup Pricing
Revolving Credit Account
24. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Value Chain
Debit Card System
Order-Taking Salesperson
Classification Merchandising
25. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Maintenance-Increase-Recoupment Lease
Analog Model
Goal-Oriented Job Description
Discretionary income
26. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
External Secondary Data
Mazur Plan
Factory Outlet
Liabilities
27. Financial obligations a retailer incurs in operating a business
Retail Promotion
Liabilities
External Secondary Data
Attitudes (Opinions)
28. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Quick Response (QR) Inventory Planning
Assortment Merchandise
Percentage-of-Sales Method
Relationship Retailing
29. Out-of-hometown shopping - is important for both local and surrounding retailers
Marketing Research In Retailing
Outshopping
Data Warehousing
Category Killer
30. Consumers feel high prices connote high quality and low prices connote low quality
Competitive Parity Method
Experiment
Price-Quality Association
Consumer Behavior
31. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Bottom-Up Space Management Approach
Flea Market
Electronic Article Surveillance
Case Display
32. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Fad Merchandise
Nongoods Services
One-Price Policy
Assortment
33. Whereby a retailers sells to consumers through multiple retail formats
Publicity
Conventional Supermarket
Multi-Channel Retailing
Food-Based Superstore
34. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Electronic Point of Sale System
Core Customers
Situation Analysis
Retail Institution
35. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Retailing
Single-Channel Retailing
Supermarket
Data Mining
36. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Food-Based Superstore
Secondary Trading Area
Option Credit Account
Retail Strategy
37. Describes how traditional family moves from bachelorhood to children to solitary retirement
FIFO (first-in-first-out) Method
Public Relations
Image
Family Life Cycle
38. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Competition-Oriented Pricing
Cross-Merchandising
Operating Expenditures
Supply Chain
39. The service level that customers want to receive from any retailer - such as basic employee courtesy
Mazur Plan
Expected Customer Service
Objectives
Logistics
40. Ways in which individual consumers and families live and spend time and money
Probability (Random) Sample
Lifestyles
Job Motivation
RFID (radio frequency identification)
41. 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
Pre-Training
Solution Selling
Regional Shopping Center
Core Customers
42. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Mystery Shoppers
Situation Analysis
Control
Multi-Channel Retailing
43. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Cross-Merchandising
Balanced Tenancy
Taxes
Prestige Pricing
44. Used by retailers that promote throughout the year
Franchising
Product Life Cycle
Distributed Promotion Effort
Percentage Lease
45. 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
Stock Turnover
Never-Out List
Curing (Free-Flowing) Traffic Flow
Assortment Merchandise
46. A retailers commitment to a type of business and to a distinctive role in the marketplace
HRM Process
Motives
Organizational Mission
Purchase Act
47. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Benchmarking
Prototype Stores
Destination Retailer
Variety Store
48. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Purchase Act
Uncontrollable Variables
Value (customer)
Point of Difference
49. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Culture
Bait-and-Switch Advertising
Unit Control
Sales Opportunity Grid
50. The portion of revenues turned over to the federal - state and/or local government
Taxes
Consumer Cooperative
Partnership
Case Display