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VSBM Merchandising Management Quiz

20 Questions - Developed by:
- Updated on: - 7,553 taken

Test your Knowledge about Merchandise Management

  • 1
    Illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices, and then tries to convince the person to buy a better, more expensive substitute that is available. The retailer has no intention of selling the advertised item.
  • 2
    Occurs when stores in a planned shopping center complement each other as to the quality and variety of their product offerings.
  • 3
    The competition between manufacturers and retailers for shelf space and profits, whereby manufacturer, private, and generic brands fight each other for more space and control.

  • 4
    Occurs when the retailer sets its own standards and measures performance based on the achievements in its sector, specific competitors, high performance firms, and/or its own prior actions.
  • 5
    Increase in a retail price above the original markup when demand is unexpectedly high or costs are rising.
  • 6
    Paid, no personal communication transmitted through out-of-store mass media by an identified sponsor.

  • 7
    Exists when the stores at a given location complement, blend, and cooperate with one another, and each benefits from the others' presence.
  • 8
    Promotional budgeting procedure in which a retailer first allots funds for each element of the strategy mix except promotion. The funds that are left go to the promotional budget.
  • 9
    Computerized site selection tool in which potential sales for a new store are estimated based on sales of similar stores in existing areas, competition at a prospective location, the new store's expected market share at that location, and the size and density of a location's primary trading area.
  • 10
    Performance measure based on a retailer's net sales and total assets. It is equal to net sales divided by total assets.

  • 11
    Selection of merchandise carried by a retailer. It includes both the breadth of product categories and the variety within each category.
  • 12
    An open or closed display in which a retailer exhibits a wide range of merchandise.
  • 13
    Apparel, furniture, autos, and other products for which the retailer must carry a variety of products in order to give customers a proper selection.
  • 14
    Store's physical characteristics that are used to develop an image and draw customers. It is also known as atmospherics.
  • 15
    Positive, neutral, or negative feelings a person has about the economy, politics, goods, services, institutions, and so on.
  • 16
    Encompasses the actions that enhance the shopping experience and give retailers a competitive advantage.

  • 17
    Controls the amount and timing of markdowns on the basis of the length of time merchandise remains in stock.
  • 18
    Computerized approach that combines a perpetual inventory and reorder point calculations.
  • 19
    Outlines a retailer's planned expenditures for a given time based on expected performance.
  • 20
    Involves a retailer combining several elements in one basic price.

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