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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. 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
Cost of Method Accounting
Impulse Purchases
Consumer Loyalty (Frequent Shopper) Programs
RFID (radio frequency identification)
2. The extent to which a person desires and pursues social status
Class Consciousness
Secondary Data
Total Retail Experience
Post-Purchase Behavior
3. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Destination Retailer
Infomercial
Minimum-Price Laws
Marketing Research In Retailing
4. Lets consumers bargain over prices; those who are good at it obtain lower prices
Monthly Sales Index
Personal Selling
HRM Process
Flexible Pricing
5. 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
Sales Promotion
Theme-Setting Display
Hierarchy of Effects
Markdown
6. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Retail Balance
Vertical Marketing System
Price-Quality Association
Customer Satisfaction
7. Appeals to price-conscious consumers - who must be members to shop there
Direct Store Distribution (DSD)
Power Center
Membership (Warehouse) Club
Retail Promotion
8. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Horizontal Retail Audit
Maintenance-Increase-Recoupment Lease
Equal Store Organization
Operations Management
9. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Fad Merchandise
Battle of the Brands
Attitudes (Opinions)
Data Warehousing
10. Consists of all the levels of independently owned businesses along a channel of distribution
Vertical Marketing System
Scenario Analysis
Public Relations
Retail Organization
11. The form of research in which present behavior or the results of past behavior are noted and recorded
Sorting Process
PMs (Promotional or Push Monies)
Observation
Inventory Shrinkage
12. 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
Pre-Training
Sorting Process
Incremental Method
Organizational Mission
13. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Robinson-Patman Act
Operations Blueprint
Diversified Retailer
Distributed Promotion Effort
14. Used by retailers that promote throughout the year
Publicity
Distributed Promotion Effort
Service Retailing
Competitive Parity Method
15. Influence people's thought and behavior such as families - aspirational groups and membership groups
Reference Groups
Revolving Credit Account
Public Relations
Service Retailing
16. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Minimum-Price Laws
Option Credit Account
Debit Card System
Internal Secondary Data
17. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Competition-Oriented Pricing
Augmented Customer Service
Flexible Pricing
Probability (Random) Sample
18. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
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19. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Dump Bin
Maintained Markup
Strategy Mix
Situation Analysis
20. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Economic Base
Financial Merchandise Management
Retail Audit
Distributed Promotion Effort
21. Factors having a high relationship with job success are given more weight than others
Weighted Application Blank
Resident Buying Office
Basic Stock List
Logistics
22. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Gap Analysis
Liabilities
Point of Difference
Recruitment
23. A planned shopping facility - with the largest store being a supermarket or a drugstore
Neighborhood Shopping Center
Trading Area
Purchase Act
Non-probability Sample
24. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Information Search
Memorandum Purchase
Community Shopping Center
Prototype Stores
25. Beginning inventory - purchases - and transportation charges equal the cost of this
Merchandise Available for Sale
Electronic Data Interchange (EDI)
Resident Buying Office
Taxes
26. The customer group sought by a retailer
Total Retail Experience
Central Business District
Model Stock Approach
Target Marketing
27. The portion of revenues turned over to the federal - state and/or local government
Retailing Concept
Taxes
Publicity
Membership (Warehouse) Club
28. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Mystery Shoppers
RFID (radio frequency identification)
Unit Control
Solution Selling
29. The basic format or structure of a business
Sales-Productivity Ratio
Retail Institution
Retail Life Cycle
Selective Distribution
30. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Dead Areas
Operations Blueprint
Solution Selling
Bait-and-Switch Advertising
31. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Cost-Oriented Pricing
Total Retail Experience
Organizational Mission
Never-Out List
32. A multi-line firm operating under central ownership
Diversified Retailer
Differentiated Marketing
Internal Secondary Data
Department Store
33. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Routine Decision Making
Intensive Distribution
Supermarket
Ensemble Display
34. The number of distinct people exposed to a retailers promotion efforts in a specific period
Markup Pricing
Reach
Non-probability Sample
Retail Information System
35. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Outshopping
Electronic Point of Sale System
Flexible Pricing
Food-Based Superstore
36. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Chain
Perceived Risk
Reverse Logistics
Pre-Training
37. 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)
Central Business District
Objective-and-Task Method
Term Occupancy
Width of Assortment
38. Graphically displays its hierarchical relationships created by a retailer
Minimum-Price Laws
Analog Model
Universal Product Code (UPC)
Organization Chart
39. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Graduated Lease
Net Sales
Neighborhood Business District
Internal Secondary Data
40. Merchandise that generates high sales over a short time
Case Display
Massed Promotion Effort
Fad Merchandise
Personality
41. Used for products needing special handling
Storability Product Groupings
PMs (Promotional or Push Monies)
Mystery Shoppers
Control
42. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Micromerchandising
Multiple-Unit Pricing
Distributed Promotion Effort
Diversification
43. A retail firm owned by its customer members
Ethics
Publicity
Consumer Cooperative
Nongoods Services
44. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Outsourcing
Trading Area Overlap
Chain
Supervision
45. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Maintenance-Increase-Recoupment Lease
Retailing
Consumer Decision Process
Assets
46. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Attitudes (Opinions)
Niche Retailing
Quick Response (QR) Inventory Planning
Demographics
47. The optimum site for a particular store
Resident Buying Office
Retailing
Scrambled Merchandising
One-Hundred Percent Location
48. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Advertising
Infomercial
Regional Shopping Center
Micromarketing
49. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Retail Life Cycle
Personality
Monthly Sales Index
Consumer Loyalty (Frequent Shopper) Programs
50. Shows the expected behavior of a good or service over its life
Graduated Lease
Productivity
Point-of-Purchase Display
Product Life Cycle