Welcome to Retail

Which of the following terms best describes a grower of potatoes?

• Manufacturer

• Wholesaler

• Distribution center

• Retailer

Answer explanation

Explanation:

The term that best describes a grower of potatoes is manufacturer.

A manufacturer is a person or company that produces goods or products. In the case of potatoes, a grower cultivates and harvests them to be sold to other businesses or consumers.

For example, a potato farmer who plants and grows potatoes on their farm would be considered a manufacturer.

Creating customer loyalty is rewarding for:

• The store

• The sales associate

• The customer

• All of the above

Answer explanation

Creating customer loyalty is indeed rewarding for all parties involved; A. The store, B. The sales associate and C. The customer. Therefore, D. All of the above is the correct answer. For a store, loyal customers mean consistent business and often, free word-of-mouth advertising. For a sales associate, a loyal customer can translate to ease in sales and potential commissions. As for the customer, loyalty typically comes with perks, such as discounts, reward points, or exclusive offers. In conclusion, customer loyalty results in mutual benefits for all parties.

The chain of businesses through which a good or service passes until it reaches the end consumer.

• Distribution Channel

• Manufacturer

• Retailing

• Retailer

Answer explanation

The term that describes the chain of business through which a good or service passes until it reaches the end consumer is a supply chain. The supply chain encompasses all the steps involved in getting a product or service from the manufacturer to the end consumer. This includes various stages such as design, production, distribution, and retail.

The majority of retailers are

• independently owned.

• corporations.

• franchises

• online only.

Answer explanation

Explanation:

The majority of retailers can be defined under various categories as each has its own operating model. The categories listed in the question are Independently owned, Corporations, Franchises, and Online only.

However, based on a general observation, the majority of retailers, especially those operating on a small to medium scale, are usually Independently owned.

This is because they have the freedom to conduct businesses according to their own methods. Large scale businesses, on the other hand, often fall under the categories of Corporations or Franchises.

Online Only is a new and growing category, especially with the increased utilization of technology in the world.

Which of the following is the term for the retail approach that places the focus on creating a seamless shopping experience for customers by integrating multiple channels?

• Multichannel

• Omnichannel

• Integrated channel

• Seamless channel

Answer explanation

The term for the retailing approach that focuses on creating a seamless shopping experience for customers by integrating multiple channels is omnichannel. This approach aims to provide a consistent and convenient shopping experience across different platforms such as online, mobile, and in-store. By integrating these channels, retailers can offer features like buy online, pick-up in-store, and seamless returns/exchanges, enhancing customer satisfaction and loyalty.

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

• a group of stores that work together collaboratively to serve customers' needs

• a team of store employees who help each other

• a set of technological systems that work together in order to make sure all products in a retailer's inventory are tracked and accounted for

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

Answer explanation

The standard definition of a retail ecosystem is an interconnected system of approaches focused on achieving the goal of retail, which entails providing customers with the merchandise and services they desire. This includes various elements ranging from technology and supply chain logistics to customer service and store ambience, all working together seamlessly.

Given the vast improvement in communications technologies and globalization, retail ecosystems have evolved so that consumers can effortlessly purchase items globally, increasing competition among retailers and changing the dynamics of local and global markets.

Approximately how many U.S. jobs are retail jobs, as of 2019?

• 1 in 10

• 1 in 8

• 1 in 4

• 1 in 3

Which of the following is a term for physical goods that are bought and sold?

• Sales

• Products

• Pricing

• Services

Answer explanation

Products is the term for physical goods that are bought and sold. These can include items such as clothing, electronics, furniture, and food. Products are tangible objects that can be touched and owned.

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

• Gifts

• Training

• Services

• Products

Answer explanation

Services is the term for intangible things, such as providing delivery, that are sold by retailers. Unlike physical products, services are not tangible and cannot be touched or seen. Examples of services include haircuts, car repairs, and restaurant meals.

What kinds of things does a manufacturer produce?

• Raw materials

• Fossil fuels

• Services

• Finished products

Answer explanation

A manufacturer produces finished products, which are tangible products created by combining raw materials and components through various manufacturing processes, such as assembling parts, using machinery, or chemical processing; examples include electronics, vehicles, clothing, furniture, medical equipment, and food products.