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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. 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
Item Price Removal
PMs (Promotional or Push Monies)
Private (dealer) Brands
Efficient Consumer Response (ECR)
2. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Scrambled Merchandising
Fad Merchandise
Want Book (Want Slip)
Owned-Goods Services
3. The reasons for a consumers behavior
Issue (problem) Definition
Percentage-of-Sales Method
Motives
Point of Difference
4. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Unit Control
Retail Institution
Ensemble Display
Price Lining
5. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Evaluation of Alternatives
Merchandising Philosophy
Experiment
Direct Store Distribution (DSD)
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
Rack Display
Job Motivation
Partnership
Cost of Method Accounting
7. Payments that retailers require of vendors for providing shelf space
Trading Area
Slotting Allowances
Percentage Lease
String
8. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Downsizing
Electronic Data Interchange (EDI)
Percentage Variation Method
Experiment
9. Ways in which individual consumers and families live and spend time and money
Reorder Point
Social Responsibility
Lifestyles
Assortment
10. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Consumer Behavior
Frequency
Word of Mouth (WOM)
Reorder Point
11. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Curing (Free-Flowing) Traffic Flow
Target Marketing
Personal Selling
Huff's Law of Shopper Attraction
12. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Evaluation of Alternatives
Objective-and-Task Method
Factory Outlet
Contingency Pricing
13. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Ethics
Impulse Purchases
Full-Line Discount Store
Direct Product Profitability (DPP)
14. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Merchandising
Purchase Act
Planogram
Predatory Pricing
15. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Horizontal Retail Audit
Scrambled Merchandising
Vending Machine
Convenience Store
16. The portion of revenues turned over to the federal - state and/or local government
Debit Card System
Taxes
PMs (Promotional or Push Monies)
Massed Promotion Effort
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
Owned-Goods Services
Visual Merchandising
Sales-Productivity Ratio
Merchandising Philosophy
18. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Neighborhood Business District
Dual Marketing
Competition-Oriented Pricing
Traditional Department Store
19. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Electronic Article Surveillance
Leased Department
Option Credit Account
Category Killer
20. The customer group sought by a retailer
Target Marketing
Social Class
Household Life Cycle
Dollar Control
21. A retailer sets its prices in accordance with competitors'
Electronic Article Surveillance
Augmented Customer Service
Tactics
Competition-Oriented Pricing
22. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Zero-Based Budgeting
Opportunistic Buying
Diversified Retailer
Neighborhood Shopping Center
23. 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
Issue (problem) Definition
External Secondary Data
Cost of Goods Sold
Monthly Sales Index
24. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Central Business District
Computerized Checkout
HRM Process
Supervision
25. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Option Credit Account
Market Segment Product Groupings
Wheel of Retailing
Channel Control
26. 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
Net Profit After Taxes
Stock Turnover
Ethics
Outsourcing
27. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Information Search
Demand-Oriented Pricing
Customer Loyalty
External Secondary Data
28. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Dollar Control
Retail Method of Accounting
Retail Balance
Open-to-Buy
29. Short-term selling and administrative costs in running a business
Resident Buying Office
Operating Expenditures
Sales Opportunity Grid
Retail Strategy
30. Refers to the variety in any one good/service (product line) a retailer carries
Customer Satisfaction
Depth of Assortment
Diversified Retailer
Need-Satisfaction Approach
31. 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
Huff's Law of Shopper Attraction
Word of Mouth (WOM)
Culture
Retail Organization
32. A retailers best customers
Core Customers
Retail Method of Accounting
Distributed Promotion Effort
Data-Base Management
33. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Value Delivery System
Need-Satisfaction Approach
Fashion Merchandise
Everyday Low Pricing (EDLP)
34. Influence people's thought and behavior such as families - aspirational groups and membership groups
Incremental Method
Goods/Service Category
Private (dealer) Brands
Reference Groups
35. 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
Generic Brands
Problem Awareness
Traditional Department Store
Robinson-Patman Act
36. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Performance Measures
Traditional Department Store
Dead Areas
Prototype Stores
37. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Fad Merchandise
Retail Audit
Assets
Wheel of Retailing
38. Typically supervises the on-floor selling and operational activities for a specific retail department
Demographics
Tactics
Sales Manager
Debit Card System
39. The aspects of business to which a retailers must adapt
Uncontrollable Variables
Competitive Parity Method
Niche Retailing
Physical Inventory System
40. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Secondary Data
Bifurcated Retailing
Minimum-Price Laws
Supervision
41. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Operating Expenses
Probability (Random) Sample
Observation
Maintenance-Increase-Recoupment Lease
42. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Partnership
Social Class
Central Business District
Organizational Mission
43. The extent to which a person desires and pursues social status
Secondary Data
Culture
Class Consciousness
Computerized Checkout
44. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Customer Loyalty
Ensemble Display
Mystery Shoppers
Dual Marketing
45. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Battle of the Brands
Horizontal Retail Audit
Organization Chart
Rationalized Retailing
46. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Service Retailing
Stock Turnover
Monthly Sales Index
Net Lease
47. 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
Electronic Point of Sale System
Product Life Cycle
Retail Promotion
48. Any item a retailer owns with monetary value
Price-Quality Association
Differentiated Marketing
Goods/Service Category
Assets
49. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Consumer Loyalty (Frequent Shopper) Programs
Word of Mouth (WOM)
Retail Method of Accounting
Inventory Management
50. The aspects of business that a firm can directly affect
Percentage-of-Sales Method
Niche Retailing
Ethics
Controllable Variables