Retail Fundamentals Knowledge Check1.1

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

• sales

• products

• pricing

• services

Which of the following is a standard term that describes the audience of retails stores--that is, the people who will buy things from the store?

• 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

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

• manufacturer

• wholesaler

• distribution center

• retailer

The majority of retailers are

• independently owned

• corporations

• franchises

• online only

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

• multichannel

• omnichannel

• integrated channel

• seamless channel

The jobs of how many Americans are tied either directly or indirectly to the retail industry?

• 10 million

• 25 million

• 55 million

• 75 million

Which of the following is a term for a retail strategy that focuses on creating engaging customer experiences rather than simply selling products (for example, using augmented reality or offering in-store events)?

• multichannel

• omnichannel

• integrated retail

• experiential retail

What are voice-activated ordering and retail chatbots?

• examples of supply chain diversification

• examples of artificial intelligence (AI)

• examples of the Internet of Things (IOT)

• examples of virtual learning

What is geotargeting?

• This uses a customer's home address to predict their next purchase

• This uses a customer's email to send targeted messaging

• This uses a customer's home address to send direct mail

• This uses a customer's location information such as ZIP code or IP address to provide personalized offers