Midterm 2024 RiseUp: Retail Review 1.1 - 3.4

Front

A term for physical goods that are bought and sold?

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?
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, Products, Services

Back

Services

Front

The majority of retailers are

Back

Independently owned

Answer explanation

Independently owned- most retailers are small businesses.

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

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

Back

20-25%

Answer explanation

20-25%- just an arbitrary stat you need to know

Front

What kinds of things does a manufacturer produce? Raw materials, Fossil fuels, Services, Finished products

Back

Finished products

Front

Which of the following holds large quantities of product that are later sent either to retail locations or directly to customers?
Manufacturer, Wholesaler, Distribution Center, Retailer

Back

Distribution Center

Front

Which of the following would NOT be a factor that affects which products a retailer chooses to select to offer in a store: Local customer preferences, Manufacturer incentives, Employee preferences, The store's location?

Back

Employee preferences

Front

What's the term that describes distributing merchandise from the manufacturer to a retailer's locations?

Back

Allocation