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Test your basic knowledge |
Retail Management
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Direct Store Distribution (DSD)
Seasonal Merchandise
Bifurcated Retailing
Retail Life Cycle
2. Competition between manufacturers and retailers for shelf space and profits
Reilly's Law of Retailing Gravitation
Mazur Plan
Operations Management
Battle of the Brands
3. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Relationship Retailing
Product/Trademark Franchising
Staple Merchandise
Expected Customer Service
4. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Value Delivery System
Direct Marketing
Retailing
Perceived Risk
5. Used by retailers that promote seasonally
Open-to-Buy
Massed Promotion Effort
Ethics
Purchase Act
6. Occurs when one consumer talks to others; can build a chain of customers
Bait-and-Switch Advertising
Consignment Purchase
Word of Mouth (WOM)
Consumer Loyalty (Frequent Shopper) Programs
7. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Variable Pricing
Downsizing
Vending Machine
Consumer Loyalty (Frequent Shopper) Programs
8. Beginning inventory - purchases - and transportation charges equal the cost of this
Diversified Retailer
Mergers
Incremental Budgeting
Merchandise Available for Sale
9. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Limited Decision Making
Americans With Disabilities Act
Cost of Method Accounting
Percentage-of-Sales Method
10. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Non-probability Sample
Price Lining
External Secondary Data
Classification Merchandising
11. A retailers carries complementary goods and services to encourage shoppers to buy more
Motives
Retailing
Markdown
Cross-Merchandising
12. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Pre-Training
Electronic Data Interchange (EDI)
Discretionary income
Retail Audit
13. Displays merchandise by common end use
Off-Price Chain
Liabilities
Combination Store
Functional Product Groupings
14. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Ensemble Display
Robinson-Patman Act
Inventory Shrinkage
World Wide Web
15. 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
Merchandising
Goods Retailing
Forecasts
Huff's Law of Shopper Attraction
16. Focuses on the sale of tangible phoducts
Goods Retailing
Prototype Stores
Cost of Goods Sold
Direct Product Profitability (DPP)
17. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Retail Audit
Diversified Retailer
Variety Store
Storefront
18. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Retail Balance
Data Mining
Dead Areas
Point-of-Purchase Display
19. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Unit Pricing
Experiment
Quick Response (QR) Inventory Planning
Everyday Low Pricing (EDLP)
20. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Planogram
Retail Audit
Incremental Method
Assortment
21. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Multiple-Unit Pricing
Incremental Budgeting
Analog Model
Opportunity Costs
22. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Data Mining
Stock Turnover
Competition-Oriented Pricing
Rationalized Retailing
23. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Planogram
Prototype Stores
Analog Model
Goods Retailing
24. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Control
Assortment
Observation
Ease of Entry
25. Consumers feel high prices connote high quality and low prices connote low quality
Downsizing
Specialty Store
Price-Quality Association
Merchandising
26. Graphically displays its hierarchical relationships created by a retailer
Category Killer
Concentrated Marketing
Multi-Channel Retailing
Organization Chart
27. Increases an item's original price because demand is unexpectedly high or costs are rising
Purchase Motivation Product Groupings
Additional Markup
Value Chain
Reach
28. Projections of expected retail sales for given periods
Forecasts
Value (retailer)
Percentage-of-Sales Method
Routine Decision Making
29. The merchandise categories for which data are gathered
Horizontal Retail Audit
Consumer Protection
Job Analysis
Control Units
30. 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
Bait-and-Switch Advertising
Relationship Retailing
Impulse Purchases
Financial Merchandise Management
31. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Retail Institution
Universal Product Code (UPC)
Membership (Warehouse) Club
Computerized Checkout
32. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Category Killer
Data Warehousing
Loss Leaders
Storefront
33. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Goal-Oriented Job Description
Outsourcing
Market Segment Product Groupings
Channel of Distribution
34. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Generic Brands
Image
Differentiated Marketing
Vertical Retail Audit
35. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Category Killer
Want Book (Want Slip)
Gross Margin
Household Life Cycle
36. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Culture
Retailing Concept
Video Kiosk
Rationalized Retailing
37. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Human Resource Management
HRM Process
Frequency
Vending Machine
38. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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39. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Loss Leaders
Training Programs
Cross-Merchandising
Price Lining
40. Depicts a product offering in a thematic manner and sets a specific mood
Curing (Free-Flowing) Traffic Flow
Dead Areas
Theme-Setting Display
Prototype Stores
41. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
External Secondary Data
Supervision
Mystery Shoppers
Class Consciousness
42. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Intensive Distribution
Price-Quality Association
Book (Perpetual) Inventory System
Universal Product Code (UPC)
43. A retailers commitment to a type of business and to a distinctive role in the marketplace
Organizational Mission
Financial Merchandise Management
Marquee
Equal Store Organization
44. The reasons for a consumers behavior
Weighted Application Blank
Maintained Markup
Motives
Non-probability Sample
45. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Discretionary income
Motives
Core Customers
Channel Control
46. Retailers price selected items below cost to lure more customer traffic for those retailers
Percentage Lease
Image
Loss Leaders
Atmosphere (atmospherics)
47. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Point-of-Purchase Display
Factory Outlet
Neighborhood Shopping Center
Retail Method of Accounting
48. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Fringe Trading Area
Objective-and-Task Method
Maintained Markup
Routine Decision Making
49. Appeals to price-conscious consumers - who must be members to shop there
Incremental Budgeting
Membership (Warehouse) Club
Retail Strategy
Consignment Purchase
50. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Zero-Based Budgeting
Point-of-Purchase Display
Electronic Article Surveillance
Incremental Budgeting
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