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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 drive within people to attain work-related goals - can be positive or negative
Power Center
Point of Difference
Job Motivation
Limited Decision Making
2. Shows the expected behavior of a good or service over its life
Relationship Retailing
Maintenance-Increase-Recoupment Lease
Public Relations
Product Life Cycle
3. Sets the guiding principles for all the merchandise decisions a retailers makes
Electronic Article Surveillance
Mystery Shoppers
Vertical Retail Audit
Merchandising Philosophy
4. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Financial Merchandise Management
Order-Taking Salesperson
Maintained Markup
Pre-Training
5. Calls for precise rent increases over a stated period of time
Graduated Lease
Vertical Marketing System
Wheel of Retailing
One-Hundred Percent Location
6. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Perceived Risk
Percentage-of-Sales Method
Primary Trading Area
Monthly Sales Index
7. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Regression Model
Rented-Goods Services
Consumer Cooperative
Operations Blueprint
8. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Predatory Pricing
Pre-Training
Stock-to-Sales Method
Computerized Checkout
9. The merchandise categories for which data are gathered
Control
Storability Product Groupings
Control Units
Contingency Pricing
10. Appeals to price-conscious consumers - who must be members to shop there
Loss Leaders
Retail Promotion
Mergers
Membership (Warehouse) Club
11. The reasons for a consumers behavior
Data-Base Management
Model Stock Approach
Motives
Image
12. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gravity Model
Consumer Decision Process
Net Worth
Equal Store Organization
13. A retailers carries complementary goods and services to encourage shoppers to buy more
Assets
All-You-Can-Afford Method
Retail Life Cycle
Cross-Merchandising
14. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Membership (Warehouse) Club
Top-Down Space Management Approach
Variable Pricing
Storefront
15. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Efficient Consumer Response (ECR)
Horizontal Price Fixing
Ensemble Display
Consumer Behavior
16. Based on the original retail value assigned to merchandise less the costs of the merchandise
Family Life Cycle
Control Units
Initial Markup
Dead Areas
17. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Supervision
Curing (Free-Flowing) Traffic Flow
Net Sales
Uncontrollable Variables
18. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Sales Manager
Nongoods Services
Point of Difference
Personality
19. Many retail vendors sell a range of products at discount prices in plain surroundings
Demographics
Opportunity Costs
Flea Market
Inventory Management
20. An unincorporated retail firm owned by two or more persons - each with a financial interest
Household Life Cycle
Floor-Ready Merchandise
Supermarket
Partnership
21. Represents the total bundle of benefits offered to consumers through a channel of distribution
Bottom-Up Space Management Approach
Differentiated Marketing
Sales Opportunity Grid
Value Chain
22. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Percentage-of-Sales Method
Weeks' Supply Method
Inventory Shrinkage
Multi-Channel Retailing
23. Suppliers sell through a moderate number of retailers
Selective Distribution
Community Shopping Center
Objectives
Secondary Data
24. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Family Life Cycle
PMs (Promotional or Push Monies)
Outshopping
Percentage-of-Sales Method
25. Objective - quantifiable - easily identifiable and measurable population data
Full-Line Discount Store
Objective-and-Task Method
Demographics
External Secondary Data
26. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Primary Data
Organization Chart
Debit Card System
Chargebacks
27. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Merchandising Philosophy
Product/Trademark Franchising
Lifestyle Center
Mass Merchandising
28. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Discretionary income
Food-Based Superstore
Advertising
Data-Base Retailing
29. 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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30. Refers to the variety in any one good/service (product line) a retailer carries
Training Programs
Employee Empowerment
Depth of Assortment
Image
31. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Ensemble Display
Prestige Pricing
Horizontal Retail Audit
Direct Product Profitability (DPP)
32. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Combination Store
Competitive Parity Method
Consumer Loyalty (Frequent Shopper) Programs
Reverse Logistics
33. 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
Cost of Goods Sold
Expected Customer Service
Model Stock Approach
Recruitment
34. The number of distinct people exposed to a retailers promotion efforts in a specific period
Reach
Direct Selling
Data-Base Management
Situation Analysis
35. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Product Life Cycle
Employee Empowerment
Sorting Process
Flexible Pricing
36. Signals or cues as to the success or failure of that each part of the strategy
PMs (Promotional or Push Monies)
Feedback
Corporation
Value (customer)
37. Assumes new merchandise is sold first - while older stock remains in inventory
Reference Groups
LIFO (last-in-first-out) Method
Semantic Differential
Cost of Goods Sold
38. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Culture
Assortment Merchandise
Secondary Data
Value Chain
39. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Membership (Warehouse) Club
Perceived Risk
External Secondary Data
Micromarketing
40. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Geographical Information System
Floor-Ready Merchandise
Physical Inventory System
Selective Distribution
41. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting
Book (Perpetual) Inventory System
Term Occupancy
Channel Control
Simulation
42. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Convenience Store
Franchising
Operating Expenses
Gross Profit (margin)
43. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Advertising
Fashion Merchandise
Department Store
Goods Retailing
44. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Retail Strategy
Vending Machine
Straight (Gridiron) Traffic Flow
Dead Areas
45. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Uncontrollable Variables
Everyday Low Pricing (EDLP)
Combination Store
Case Display
46. Whereby each department is subdivided into further categories for related types of merchandise
Massed Promotion Effort
Classification Merchandising
Retail Method of Accounting
Retailing
47. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Physical Inventory System
Depth of Assortment
Supply Chain
Service Retailing
48. 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
Convenience Store
Corporation
Percentage Lease
Outsourcing
49. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Training Programs
Storability Product Groupings
Consignment Purchase
Functional Product Groupings
50. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Pre-Training
Experiment
Vendor-Managed Inventory (VMI)
One-Price Policy