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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. 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
Multiple-Unit Pricing
Control
Assortment Display
Analog Model
2. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Flexible Pricing
Staple Merchandise
Storefront
Evaluation of Alternatives
3. A sign that displays the store's name
Marquee
Want Book (Want Slip)
Assortment
Monthly Sales Index
4. Involve the combination of separately owned retail firms
Ethics
Bait-and-Switch Advertising
Price Elasticity of Demand
Mergers
5. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Value Delivery System
Net Worth
Retail Information System
Mass Merchandising
6. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Productivity
Chargebacks
Product Life Cycle
Wheel of Retailing
7. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gravity Model
Order-Getting Salesperson
Retail Information System
World Wide Web
8. A retailers carries complementary goods and services to encourage shoppers to buy more
Customary Pricing
Cross-Merchandising
Productivity
Data Warehousing
9. An inexpensive display that leaves merchandise in the original carton
Classification Merchandising
Liabilities
Cut Case
Fringe Trading Area
10. Whereby goods owned by consumers are repaired - improved - or maintained
Taxes
Data Mining
External Secondary Data
Owned-Goods Services
11. Competition between manufacturers and retailers for shelf space and profits
Product/Trademark Franchising
Secondary Trading Area
Category Management
Battle of the Brands
12. Objective - quantifiable - easily identifiable and measurable population data
Retailing Concept
Demographics
Leased Department
All-You-Can-Afford Method
13. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Food-Based Superstore
Fashion Merchandise
Percentage Variation Method
Regression Model
14. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
Yield Management Pricing
Model Stock Approach
Monthly Sales Index
Nonstore Retailing
15. the drive within people to attain work-related goals - can be positive or negative
Variable Markup Policy
Equal Store Organization
Manufacturer (national) Brands
Job Motivation
16. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Ethics
Assortment Merchandise
Reverse Logistics
Inventory Shrinkage
17. Consists of all the levels of independently owned businesses along a channel of distribution
Secondary Business District (SBD)
Vertical Marketing System
Department Store
Revolving Credit Account
18. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
Goods Retailing
Employee Empowerment
Direct Marketing
Percentage-of-Sales Method
19. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Box (Limited-Line) Store
Publicity
Physical Inventory System
Trading Area
20. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Mergers
Culture
Value Delivery System
Physical Inventory System
21. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Product Life Cycle
Goods/Service Category
Variable Pricing
Prestige Pricing
22. The sum total of an individuals traits - which make that individual unique
Full-Line Discount Store
Mystery Shoppers
Monthly Sales Index
Personality
23. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Pre-Training
Generic Brands
Yield Management Pricing
Staple Merchandise
24. The customer group sought by a retailer
Generic Brands
Retail Promotion
Curing (Free-Flowing) Traffic Flow
Target Marketing
25. The number of distinct people exposed to a retailers promotion efforts in a specific period
Mystery Shoppers
Neighborhood Business District
Universal Product Code (UPC)
Reach
26. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Assortment
Term Occupancy
Consumer Cooperative
Dead Areas
27. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Price-Quality Association
Cost of Goods Sold
Internet
Category Killer
28. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Price-Quality Association
Dump Bin
Experiment
Physical Inventory System
29. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Value (customer)
Factory Outlet
Strategy Mix
Markup Pricing
30. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Dual Marketing
Contingency Pricing
Sorting Process
Membership (Warehouse) Club
31. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Retail Strategy
Monthly Sales Index
Mass Marketing
Consumer Protection
32. Has a primarily functional use: to neatly hang or present products
Point-of-Purchase Display
Experiential Merchandising
Nonstore Retailing
Rack Display
33. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Leader Pricing
Information Search
Merchandising Philosophy
Micromarketing
34. A multi-line firm operating under central ownership
Public Relations
Automatic Reordering System
Diversified Retailer
Motives
35. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Video Kiosk
Marquee
Customer Satisfaction
Channel of Distribution
36. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Computerized Checkout
Item Price Removal
Value Delivery System
Diversified Retailer
37. 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
Community Shopping Center
Value Chain
Ease of Entry
Need-Satisfaction Approach
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
Supply Chain
Franchising
Physical Inventory System
Electronic Article Surveillance
39. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Threats
Bait-and-Switch Advertising
Consumer Decision Process
Mass Marketing
40. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Internal Secondary Data
Assortment Display
Electronic Data Interchange (EDI)
Need-Satisfaction Approach
41. 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
Mystery Shoppers
Stock-to-Sales Method
Variety Store
Class Consciousness
42. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Training Programs
Business Format Franchising
Marquee
Assortment
43. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Direct Marketing
Situation Analysis
Point-of-Purchase Display
Net Worth
44. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Regional Shopping Center
Bottom-Up Space Management Approach
Percentage Lease
Ensemble Display
45. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Direct Marketing
Floor-Ready Merchandise
One-Price Policy
Job Analysis
46. Based on the original retail value assigned to merchandise less the costs of the merchandise
Outsourcing
Functional Product Groupings
Initial Markup
Product Life Cycle
47. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Order-Getting Salesperson
Exclusive Distribution
Consumer Behavior
Demographics
48. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Odd Pricing
Markdown
Customary Pricing
Gravity Model
49. 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
Balanced Tenancy
Category Management
Universal Product Code (UPC)
Primary Trading Area
50. 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
Solution Selling
Strategy Mix
Order-Taking Salesperson
Benchmarking