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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Central Business District
Efficient Consumer Response (ECR)
Sales Promotion
Item Price Removal
2. Takes a customer-centered approach and presents "solutions" rather than "products"
Curing (Free-Flowing) Traffic Flow
Solution Selling
Additional Markup
Mergers
3. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Competitive Parity Method
Department Store
Selective Distribution
Mazur Plan
4. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Unit Control
Case Display
Convenience Store
Net Lease
5. A retailers commitment to a type of business and to a distinctive role in the marketplace
Consumer Behavior
Social Responsibility
Organizational Mission
Predatory Pricing
6. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Membership (Warehouse) Club
Open Credit Account
Leased Department
Want Book (Want Slip)
7. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Prestige Pricing
Horizontal Cooperative Advertising Agreement
Reach
Retail Strategy
8. The sum total of an individuals traits - which make that individual unique
Vendor-Managed Inventory (VMI)
Purchase Motivation Product Groupings
Personality
Option Credit Account
9. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Stimulus
Vertical Price Fixing
Partnership
Control
10. 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
Retail Organization
Attitudes (Opinions)
Goal-Oriented Job Description
Ethics
11. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Mass Merchandising
Inventory Management
Vertical Cooperative Advertising Agreement
Automatic Reordering System
12. The optimum site for a particular store
Customer Service
Gravity Model
Customer Satisfaction
One-Hundred Percent Location
13. The number of distinct people exposed to a retailers promotion efforts in a specific period
Reilly's Law of Retailing Gravitation
Reach
Food-Based Superstore
Merchandise Available for Sale
14. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Social Responsibility
Ethics
Assortment Merchandise
Maintenance-Increase-Recoupment Lease
15. Represents how a given retailer is perceived by consumers and others
Diversification
Never-Out List
Image
Owned-Goods Services
16. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Model Stock Approach
Market Segment Product Groupings
Gravity Model
Resident Buying Office
17. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Geographical Information System
Operations Blueprint
Organization Chart
Attitudes (Opinions)
18. 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
Vendor-Managed Inventory (VMI)
Community Shopping Center
Percentage Variation Method
Leader Pricing
19. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Revolving Credit Account
Electronic Data Interchange (EDI)
Independent
Conventional Supermarket
20. Whereby consumers lease and use goods for specified periods of time
Prestige Pricing
Rented-Goods Services
Pre-Training
Constrained Decision Making
21. 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
Cost of Goods Sold
External Secondary Data
Outsourcing
Never-Out List
22. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Off-Price Chain
Destination Retailer
Gap Analysis
Generic Brands
23. A sign that displays the store's name
Uncontrollable Variables
Marquee
Mystery Shoppers
Prototype Stores
24. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Leased Department
Automatic Reordering System
Markup Pricing
Data-Base Management
25. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Niche Retailing
Battle of the Brands
Reorder Point
Consumer Protection
26. Consists of products that sell well over nonconsecutive time periods
String
Seasonal Merchandise
Markup Pricing
Predatory Pricing
27. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Dead Areas
Mergers
Sales Opportunity Grid
Opportunity Costs
28. Available within the company - sometimes from the data bank of a retail information system
Recruitment
Routine Decision Making
Gross Margin
Internal Secondary Data
29. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Flexible Pricing
Feedback
Traditional Job Description
Staple Merchandise
30. A merchandising technique that some firms use to improve productivity
Odd Pricing
Category Management
LIFO (last-in-first-out) Method
Ease of Entry
31. Increases an item's original price because demand is unexpectedly high or costs are rising
Core Customers
One-Hundred Percent Location
Additional Markup
Ethics
32. A retail firm that is formally incorporated under state law
Corporation
Productivity
Vertical Cooperative Advertising Agreement
Augmented Customer Service
33. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Total Retail Experience
Bifurcated Retailing
Demand-Oriented Pricing
Balanced Tenancy
34. The difference between net sales and the total cost of goods sold
Uncontrollable Variables
Gross Margin
Prestige Pricing
Robinson-Patman Act
35. The service level that customers want to receive from any retailer - such as basic employee courtesy
Warehouse Store
Expected Customer Service
Assortment Display
Additional Markup
36. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Conventional Supermarket
Option Credit Account
Personality
Basic Stock List
37. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Revolving Credit Account
Multi-Channel Retailing
Micromerchandising
Objective-and-Task Method
38. Whereby prices are marked only on shelves or signs and not on individual items
Compensation
Item Price Removal
Simulation
Discretionary income
39. 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
Want Book (Want Slip)
Membership (Warehouse) Club
Advertising
Primary Trading Area
40. The efficiency with which a retail strategy is carried out
Central Business District
Productivity
Sole Proprietorship
Assortment Merchandise
41. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Primary Trading Area
Scrambled Merchandising
Electronic Data Interchange (EDI)
Post-Purchase Behavior
42. 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
Lifestyles
Supermarket
Robinson-Patman Act
Ensemble Display
43. Appeals to price-conscious consumers - who must be members to shop there
Membership (Warehouse) Club
Rack Display
Purchase Motivation Product Groupings
Perceived Risk
44. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Information Search
Retailing
Automatic Reordering System
Monthly Sales Index
45. Assigns floor space on the basis of sales or profit per foot
Purchase Act
Objectives
Sales-Productivity Ratio
Rationalized Retailing
46. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Internet
Point-of-Purchase Display
Franchising
Expected Customer Service
47. Signals or cues as to the success or failure of that each part of the strategy
Geographical Information System
Forecasts
Everyday Low Pricing (EDLP)
Feedback
48. Competition between manufacturers and retailers for shelf space and profits
Battle of the Brands
Stock-to-Sales Method
Operations Management
Gap Analysis
49. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Percentage Variation Method
Augmented Customer Service
Multiple-Unit Pricing
Geographical Information System
50. 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
Revolving Credit Account
Private (dealer) Brands
Unit Control
Owned-Goods Services
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