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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. Used by retailers that promote seasonally
Massed Promotion Effort
Pre-Training
Net Profit After Taxes
Control Units
2. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Pre-Training
Core Customers
Perceived Risk
Data-Base Retailing
3. Marketplace opening that exist because other retailers have not yet capitalized on them
Private (dealer) Brands
Opportunities
Stock-to-Sales Method
Cost of Method Accounting
4. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Mystery Shoppers
Data-Base Management
Point-of-Purchase Display
Non-probability Sample
5. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Slotting Allowances
Markup Pricing
Financial Merchandise Management
Percentage-of-Sales Method
6. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Cooperative Advertising
Demographics
Vending Machine
World Wide Web
7. 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
Information Search
Direct Store Distribution (DSD)
Family Life Cycle
8. Competition between manufacturers and retailers for shelf space and profits
Unit Pricing
Memorandum Purchase
Battle of the Brands
One-Price Policy
9. The overall plan guiding a retail firm
Horizontal Price Fixing
Budgeting
Retail Strategy
Cost of Goods Sold
10. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Consumer Cooperative
Variable Pricing
Channel Control
Direct Marketing
11. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Order-Taking Salesperson
Assortment Merchandise
Inventory Management
Economic Base
12. Focuses on the sale of tangible phoducts
Goods Retailing
Direct Store Distribution (DSD)
Secondary Data
Storefront
13. Whereby each department is subdivided into further categories for related types of merchandise
Computerized Checkout
Classification Merchandising
Retail Life Cycle
Extended Decision Making
14. Two or more retailers share an ad
Solution Selling
Goal-Oriented Job Description
Horizontal Cooperative Advertising Agreement
Post-Purchase Behavior
15. 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
Intensive Distribution
Physical Inventory System
Robinson-Patman Act
Basic Stock Method
16. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Experiential Merchandising
Logistics
Channel Control
Department Store
17. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Prototype Stores
Resident Buying Office
Fad Merchandise
Rented-Goods Services
18. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Robinson-Patman Act
Model Stock Approach
All-You-Can-Afford Method
Multiple-Unit Pricing
19. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Logistics
Marketing Research In Retailing
Conventional Supermarket
Hierarchy of Effects
20. Logically assumes old merchandise is sold first - while newer items remain in inventory
Robinson-Patman Act
Quick Response (QR) Inventory Planning
RFID (radio frequency identification)
FIFO (first-in-first-out) Method
21. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Leased Department
Single-Channel Retailing
Traditional Job Description
Everyday Low Pricing (EDLP)
22. A large - planned shopping facility appealing to a geographically dispersed market
Reach
Dump Bin
Regional Shopping Center
Functional Product Groupings
23. the drive within people to attain work-related goals - can be positive or negative
Job Motivation
Cross-Merchandising
Destination Retailer
Reach
24. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Cooperative Advertising
Staple Merchandise
Mazur Plan
External Secondary Data
25. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Supermarket
Cost of Goods Sold
Percentage Variation Method
26. Influence people's thought and behavior such as families - aspirational groups and membership groups
Regional Shopping Center
Reference Groups
Percentage Lease
Corporation
27. A retailer charges the same price to all customers buying an item under similar conditions
Generic Brands
Weighted Application Blank
Cost of Goods Sold
One-Price Policy
28. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Fringe Trading Area
Goods/Service Category
Vending Machine
Supply Chain
29. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
Feedback
Open-to-Buy
Predatory Pricing
30. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Retailing Concept
Equal Store Organization
Retail Information System
Want Book (Want Slip)
31. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Direct Marketing
Stock Turnover
Retail Institution
Neighborhood Business District
32. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Zero-Based Budgeting
Incremental Method
Want Book (Want Slip)
Value Delivery System
33. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Retail Information System
Reach
Quick Response (QR) Inventory Planning
Infomercial
34. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Training Programs
Consumer Cooperative
Direct Marketing
Straight (Gridiron) Traffic Flow
35. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Extended Decision Making
Item Price Removal
Word of Mouth (WOM)
Inventory Management
36. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Forecasts
Objectives
Variable Pricing
Atmosphere (atmospherics)
37. 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
Social Responsibility
Curing (Free-Flowing) Traffic Flow
Taxes
38. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Trading Area Overlap
Cooperative Buying
Term Occupancy
Gross Margin
39. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Maintenance-Increase-Recoupment Lease
Box (Limited-Line) Store
Customary Pricing
Supply Chain
40. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Cost of Method Accounting
Cross-Shopping
Flexible Pricing
Experiment
41. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
String
Percentage-of-Sales Method
Consumer Loyalty (Frequent Shopper) Programs
Class Consciousness
42. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Private (dealer) Brands
Vertical Retail Audit
Basic Stock List
Affinity
43. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Control Units
Straight (Gridiron) Traffic Flow
Sales-Productivity Ratio
Scrambled Merchandising
44. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Neighborhood Shopping Center
LIFO (last-in-first-out) Method
Value Delivery System
Application Blank
45. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Battle of the Brands
Maintenance-Increase-Recoupment Lease
Scrambled Merchandising
Minimum-Price Laws
46. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Consumer Loyalty (Frequent Shopper) Programs
Competition-Oriented Pricing
Physical Inventory System
Solution Selling
47. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Percentage-of-Sales Method
Purchase Motivation Product Groupings
Relationship Retailing
Diversification
48. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Target Marketing
String
Classification Merchandising
Exclusive Distribution
49. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Incremental Budgeting
Organizational Mission
Chain
Warehouse Store
50. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Gravity Model
Assortment Display
Basic Stock List
Prestige Pricing