Business of Retail - Unit 1

Which of the following is a term for physical goods that are bought and sold? (1.1)

• Sales

• Products

• Pricing

• Services

Which of the following is a standard term that descries the audience of retail stores - that is, the people who will buy things from the stores? (1.1)

• Manufacturers

• Wholesalers

• Buyers

• Customers

Which of the following is a term for intangible things, such as providing delivery, that are sold by retailers? (1.1)

• Gifts

• Training

• Services

• Products

What kinds of things does a manufacturer produce? (1.1)

• Raw material

• Fossil fuels

• Services

• Finished products

Which of the following describes a grower of strawberries? (1.1)

• Manufacturer

• Wholesaler

• Distribution center

• Retailer

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? (1.1)

• Multichannel

• Omnichannel

• Integrated channel

• Seamless channel

The majority of retailers are:

(1.1)

• Independently owned

• Corporations

• Franchises

• Online only

Which of the following is the standard definition of a retail ecosystem? (1.1)

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

• 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

Approximately what percentage of U.S. jobs are retail jobs, as of 2019? (1.1)

• 5 - 10%

• 10 - 15%

• 20 - 25%

• 35 - 40%

What term describes delivering a positive, memorable experience that is more than what the customer expected? (1.1)

• Customer service

• Quality customer service

• Service

• Sales