Business of Retail 1.1 Welcome to Retail Knowledge Check

Front

Which of the following is a term for physical goods that are bought and sold? Sales, Products, Pricing, Services

Back

Products

Front

Which of the following is a standard term that describes the audience of retail stores--that is, the people who will buy things from the stores?
Options: Manufacturers, Wholesalers, Buyers, Customers

Back

Customers

Front

Which of the following is a term for intangible things, such as providing delivery, that are sold by retailers? Gifts, Training, Services, Products

Back

Services

Front

What kinds of things does a manufacturer produce?

Back

Finished Products

Front

Which of the following describes a grower of strawberries? Manufacturer / Producer, Wholesaler, Distribution Center, Retailer

Back

Manufacturer / Producer

Front

Which of the following is the term for the retailing approach that places the focus on creating a seamless shopping experience for customers by integrating multiple channels? Options: Multichannel, Omnichannel, Integrated Channel, Seamless Channel

Back

Omnichannel

Front

The majority of retailers are: Independently owned, Corporations, Franchises, Online Only

Back

Independently owned

Front

Which of the following is the standard of a retail ecosystem?

Back

An interconnected system of approaches for meeting the goal of retailing, which is to provide customers with the merchandise and services they want

Front

Approximately what percentage of US jobs are retail jobs, as of 2019? Options: 5-10%, 10-15%, 20-25%, 35-40%

Back

20-25%

Front

What term describes delivering a positive, memorable experience that is more than what the customer expected?

Back

Quality Customer Service