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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. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Membership (Warehouse) Club
Personality
Mystery Shoppers
Unit Pricing
2. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Mazur Plan
FIFO (first-in-first-out) Method
Private (dealer) Brands
Retail Organization
3. Beginning inventory - purchases - and transportation charges equal the cost of this
Sales-Productivity Ratio
Merchandise Available for Sale
Retail Promotion
Vendor-Managed Inventory (VMI)
4. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
World Wide Web
Ensemble Display
Direct Store Distribution (DSD)
String
5. 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
Vertical Retail Audit
Planogram
Supermarket
Cooperative Buying
6. Selling goods and services to a broad spectrum of consumers
Rack Display
Franchising
Mass Marketing
Sole Proprietorship
7. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Job Analysis
Reorder Point
Operations Management
Compensation
8. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Debit Card System
Model Stock Approach
Secondary Data
Personal Selling
9. An unincorporated retail firm owned by one person
Financial Merchandise Management
Sole Proprietorship
Productivity
Regression Model
10. 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
Gap Analysis
Power Center
Liabilities
Percentage Lease
11. 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
Merchandising
Vertical Marketing System
Opportunity Costs
12. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Direct Selling
Situation Analysis
Tactics
Taxes
13. The basic format or structure of a business
Infomercial
Cooperative Buying
Retail Institution
Vertical Price Fixing
14. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Unit Control
Price Lining
Neighborhood Business District
Manufacturer (national) Brands
15. The number of distinct people exposed to a retailers promotion efforts in a specific period
Retail Organization
Budgeting
Reach
Merchandising
16. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Vertical Cooperative Advertising Agreement
Consumer Behavior
Cost of Goods Sold
Dual Marketing
17. Describes how traditional family moves from bachelorhood to children to solitary retirement
Predatory Pricing
Consumer Cooperative
Family Life Cycle
Cooperative Buying
18. When a retailer acts in the best interests of society - as well as itself
Planogram
Resident Buying Office
Manufacturer (national) Brands
Social Responsibility
19. A retailers commitment to a type of business and to a distinctive role in the marketplace
Variety Store
Organizational Mission
Assortment Display
Never-Out List
20. Suppliers sell through a moderate number of retailers
Selective Distribution
Primary Data
Culture
Extended Decision Making
21. 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
Organization Chart
Unit Pricing
Merchandising
Analog Model
22. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Retail Institution
Gap Analysis
Planogram
Issue (problem) Definition
23. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Resident Buying Office
Threats
Advertising
Secondary Business District (SBD)
24. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Horizontal Price Fixing
Customer Service
Operations Management
25. When manufacturers and wholesales seek to control the retail prices of their goods and services
Need-Satisfaction Approach
Training Programs
Independent
Vertical Price Fixing
26. 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
Single-Channel Retailing
Competition-Oriented Pricing
Advertising
Logistics
27. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Top-Down Space Management Approach
Supercenter
Customary Pricing
Graduated Lease
28. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Purchase Motivation Product Groupings
Membership (Warehouse) Club
Impulse Purchases
Weeks' Supply Method
29. 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
Storefront
Supervision
Solution Selling
Primary Trading Area
30. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Initial Markup
Vertical Marketing System
Sales Promotion
Data-Base Retailing
31. The sum total of an individuals traits - which make that individual unique
Never-Out List
Additional Markup
Vertical Price Fixing
Personality
32. Used for products needing special handling
Consumer Loyalty (Frequent Shopper) Programs
Dual Marketing
Video Kiosk
Storability Product Groupings
33. The extent to which a person desires and pursues social status
Marketing Research In Retailing
RFID (radio frequency identification)
Bottom-Up Space Management Approach
Class Consciousness
34. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Secondary Trading Area
Merchandising
Direct Product Profitability (DPP)
Electronic Banking
35. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Electronic Article Surveillance
External Secondary Data
Monthly Sales Index
Mass Merchandising
36. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Forecasts
Memorandum Purchase
Hierarchy of Authority
Purchase Motivation Product Groupings
37. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Mazur Plan
Convenience Store
Assets
Differentiated Marketing
38. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Franchising
LIFO (last-in-first-out) Method
Uncontrollable Variables
Assortment Merchandise
39. 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
Information Search
Electronic Point of Sale System
Retail Organization
Rack Display
40. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Cost-Oriented Pricing
Contingency Pricing
Channel of Distribution
Retail Strategy
41. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Taxes
Total Retail Experience
Regression Model
Direct Product Profitability (DPP)
42. Lets consumers bargain over prices; those who are good at it obtain lower prices
Economic Base
Impulse Purchases
Flexible Pricing
Secondary Trading Area
43. Available within the company - sometimes from the data bank of a retail information system
Internal Secondary Data
Consignment Purchase
Bifurcated Retailing
Customer Loyalty
44. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Point of Difference
Public Relations
Sales-Productivity Ratio
Retail Balance
45. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Pre-Training
Marketing Research In Retailing
Regression Model
Full-Line Discount Store
46. A retailer wants to maintain a specified ratio of goods on hand to sales
Computerized Checkout
Cross-Merchandising
Stock-to-Sales Method
Wheel of Retailing
47. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Product/Trademark Franchising
Retail Information System
Single-Channel Retailing
Assortment Display
48. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Tactics
Storability Product Groupings
Horizontal Cooperative Advertising Agreement
Variable Pricing
49. Occurs when one consumer talks to others; can build a chain of customers
Financial Merchandise Management
Word of Mouth (WOM)
Factory Outlet
Model Stock Approach
50. Available from sources outside the firm
Information Search
External Secondary Data
Seasonal Merchandise
Revolving Credit Account