Knowledge Check 1.1

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

• Sales

• Products

• Pricing

• Services

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?

• Manufacturers

• Wholesalers

• Buyers

• Customers

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

• Gifts

• Training

• Services

• Products

What kind of things does a manufacturer produce?

• Raw Materials

• Fossil Fuels

• Services

• Finished Products

Which of the following describes a grower of strawberries?

• 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?

• Multichannel

• Omnichannel

• Integrated Channel

• Seamless Channel

The majority of retailers are:

• Independently Owned

• Corporations

• Franchises

• Online Only

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

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

• 5-10%

• 10-15%

• 20-25%

• 35-40%

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

• Customer Service

• Quality Customer Service

• Service

• Sales