Ch 2- Welcome to Retail

Multiple Choice

TRUE OR FALSE: Car Max is a retailer

• TRUE

• FALSE

Multiple Choice

Which of the following best describes the role of a retailer?

• A person or business that manufactures products

• A person or business that sells products and/or services to customers

• A team that keeps products in good condition

• A customer who buys products

Multiple Choice

TRUE OR FALSE: Nike is a retailer

• TRUE

• FALSE

Multiple Choice

Which of the following best describes the difference between a product and a service?

• A product is tangible and can be physically owned, while a service is intangible and cannot be physically owned.

• A product is intangible and cannot be owned, while a service is tangible and can be owned.

• Both products and services are tangible and can be physically owned.

• Both products and services are intangible and cannot be physically owned.

Multiple Choice

What is the main goal of retail?

• To earn a profit by selling products and/or services to customers

• To manufacture products

• To provide free services

• To manage warehouses

Multiple Choice

A ________ buys large quantities of products from the manufacturer and sells smaller amounts to retailers.

• A manufacturer

• A wholesaler

Multiple Select

Which of the following are roles in the distribution channel? (select all that apply)

• Manufacturer

• Wholesaler

• Retailer

• Customer

Multiple Choice

What is one main advantage for customers when merchandise is shipped directly from the manufacturer to the customer, as shown in the image?

• Cheaper prices due to no middle man

• Longer delivery times

• More product choices

• Better customer service

Multiple Select

Which of the following are characteristics of multi-channel retailing? (select two that apply)

• Store apps and websites is integrated with stores.

• Products may differ between online and in-store locations

• Returns must be made at the same location of purchase

• All channels are seamlessly integrated

Multiple Choice

Which of the following best describes a franchise?

• A company owned by shareholders through publicly traded stock.

• A company grants a license to another entity to market and sell its products or services in a particular area.

• A single store, regional chain, or entrepreneur.

• A business limited to a small number of owner investors with many retail locations.