Introduction to Retailing

What is the term for the sale of merchandise to customers in a store setting?

• Retailing

• Wholesaling

• Manufacturing

• Exporting

What is defined as the key management decisions needed to be successful in marketing, breaking down into price, product, promotion, and place?

• Marketing Mix

• Market Segmentation

• Brand Equity

• Consumer Behavior

What is the specific group of customers at which a company attempts to aim their products called?

• Target Market

• Market Share

• Product Mix

• Brand Loyalty

What is the amount of money a store charges a customer for merchandise they buy called?

• Price

• Discount

• Tax

• Receipt

What is the term for two or more retailers selling the same nature of merchandise, competing for customers and business?

• Competition

• Collaboration

• Monopoly

• Franchising

What do you call an intermediary between the manufacturer of products and the retailer, who buys products in bulk from manufacturers to sell to retailers?

• Wholesaler

• Consumer

• Supplier

• Agent

What is the difference between the initial cost of a product and the price a store charges a customer for the product, determining the profit margin on products?

What is the term for formal records of financial transactions by a person or company?

• Account

• Invoice

• Receipt

• Voucher

What is an agreement between a buyer (consumer or business) and a seller (store or supplier) to exchange a product or service for payment called?

• Transaction

• Donation

• Subscription

• Gift

What is applied to the price of the purchase of goods or services and is a government-imposed charge?

• Sales Tax

• Discount

• Commission

• Tip