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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. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Term Occupancy
Consumer Behavior
Canned Sales Presentation
Situation Analysis
2. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Variety Store
Vendor-Managed Inventory (VMI)
Retail Organization
Mass Merchandising
3. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Width of Assortment
Economic Base
Liabilities
Cross-Shopping
4. Relates to the quantites of merchandise a retailer handles during a stated period
Warehouse Store
Bifurcated Retailing
Unit Control
Cost of Method Accounting
5. 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
Expected Customer Service
Chain
Neighborhood Shopping Center
Leased Department
6. Places together various items that appeal to a given target market
Bait-and-Switch Advertising
Retail Strategy
Liabilities
Market Segment Product Groupings
7. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Flexible Pricing
Training Programs
Consumer Protection
Benchmarking
8. Whereby consumers lease and use goods for specified periods of time
Secondary Trading Area
Cut Case
Percentage Variation Method
Rented-Goods Services
9. Exhibits heavier - bulkier items than a rack holds
Organization Chart
Leader Pricing
Direct Product Profitability (DPP)
Case Display
10. Every store - product - or customer has an equal or known chance of being chosen for a study
Full-Line Discount Store
Probability (Random) Sample
Consumer Protection
Stock-to-Sales Method
11. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
Observation
Retail Information System
Opportunities
12. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Term Occupancy
Flea Market
Financial Merchandise Management
Job Analysis
13. 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
Need-Satisfaction Approach
Motives
Quick Response (QR) Inventory Planning
Off-Price Chain
14. Payments that retailers require of vendors for providing shelf space
Value Delivery System
Slotting Allowances
Mergers
Consumer Decision Process
15. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Atmosphere (atmospherics)
Factory Outlet
Multi-Channel Retailing
Case Display
16. The sum total of an individuals traits - which make that individual unique
Neighborhood Business District
Personality
Experiment
Horizontal Cooperative Advertising Agreement
17. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Regional Shopping Center
Retail Information System
Organization Chart
Retail Audit
18. Occurs when a consumer makes full use of the decision process
Markdown
Floor-Ready Merchandise
Flexible Pricing
Extended Decision Making
19. The aspects of business that a firm can directly affect
Job Analysis
Controllable Variables
Mazur Plan
Assortment Display
20. Takes place when the consumer buys out of habit and skips steps in the purchase process
Routine Decision Making
Goal-Oriented Job Description
Storefront
Diversification
21. The cost of running a retail business
Operating Expenses
Uncontrollable Variables
Frequency
Generic Brands
22. Determines the floor space necessary to carry and display a proper merchandise assortment
Storefront
Prototype Stores
Model Stock Approach
Assortment Display
23. The line of business in which a retailer operates
Inventory Management
Goods/Service Category
Supercenter
Consumer Decision Process
24. Focuses on the sale of tangible phoducts
Goods Retailing
Sales Manager
Cost of Method Accounting
Post-Purchase Behavior
25. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Fashion Merchandise
Internal Secondary Data
Marketing Research In Retailing
26. Retailers price selected items below cost to lure more customer traffic for those retailers
Diversification
Loss Leaders
Pre-Training
Model Stock Approach
27. The criteria used to assess effectiveness
Performance Measures
Vertical Retail Audit
Category Management
Limited Decision Making
28. Out-of-hometown shopping - is important for both local and surrounding retailers
Percentage-of-Sales Method
Extended Decision Making
Outshopping
Demographics
29. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Atmosphere (atmospherics)
Customer Service
Secondary Business District (SBD)
30. Available from sources outside the firm
FIFO (first-in-first-out) Method
Recruitment
Incremental Method
External Secondary Data
31. Appeals to price-conscious consumers - who must be members to shop there
Retailing Concept
Chargebacks
Membership (Warehouse) Club
Experiment
32. Signals or cues as to the success or failure of that each part of the strategy
Feedback
Vertical Retail Audit
Markup Pricing
Bottom-Up Space Management Approach
33. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor
Publicity
Option Credit Account
Value Chain
Prestige Pricing
34. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Fad Merchandise
Vertical Marketing System
Franchising
Predatory Pricing
35. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Benchmarking
Off-Price Chain
Basic Stock Method
Sales Promotion
36. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Retail Strategy
Family Life Cycle
Differentiated Marketing
Target Marketing
37. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Prestige Pricing
Cross-Merchandising
Chain
Social Class
38. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Vending Machine
Percentage Variation Method
Human Resource Management
Central Business District
39. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Huff's Law of Shopper Attraction
Downsizing
Cost of Goods Sold
Frequency
40. A retailers carries complementary goods and services to encourage shoppers to buy more
Core Customers
Cross-Merchandising
Open Credit Account
Initial Markup
41. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Franchising
Secondary Business District (SBD)
Perceived Risk
42. Assumes new merchandise is sold first - while older stock remains in inventory
Downsizing
Publicity
LIFO (last-in-first-out) Method
Factory Outlet
43. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Concentrated Marketing
Yield Management Pricing
Mazur Plan
Public Relations
44. Involves oral communication with one or more prospective customers for the purpose of making a sale
Balanced Tenancy
Control Units
Personal Selling
Dual Marketing
45. 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
Geographical Information System
Primary Trading Area
Customary Pricing
46. Available within the company - sometimes from the data bank of a retail information system
Internal Secondary Data
Operating Expenses
Vertical Retail Audit
Selective Distribution
47. 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
Publicity
Opportunities
Vertical Cooperative Advertising Agreement
Opportunistic Buying
48. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Direct Product Profitability (DPP)
Traditional Department Store
Graduated Lease
Vertical Retail Audit
49. Zeroing in on one specific group
Electronic Point of Sale System
Net Sales
Data Warehousing
Concentrated Marketing
50. A memorized - repetitive speech given to all customers interested in a particular item
Constrained Decision Making
Canned Sales Presentation
Demand-Oriented Pricing
Consumer Protection