Business of Retail - Unit 1

A customer is hungry and can't decide whether to get a roast beef sandwich at Arby's or pick up Chinese food at Panda Express. Wha type of competitive relationship exists between the two retailers in this situation? (1.2)

• Direct competitors

• Indirect competitors

• Replacement competitors

• Rival competitors

A retailer's total inventory is:

(1.2)

• All inventory a retailer has on order

• All inventory available in the retailer's physical stores

• All inventory owned by the retailer, regardless of its location

• All inventory sold within the past year

The majority of retailers are:

(1.1)

• Independently owned

• Corporations

• Franchises

• Online only

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

• Sales

• Products

• Pricing

• Services

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

• 5 - 10%

• 10 - 15%

• 20 - 25%

• 35 - 40%

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 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

A customer has $300 to spend on a gift and is considering buying either a product at Best Buy or a product at Brooks Brothers. What type of competitive relationship exists between the two retailers in the situation? (1.2)

• Direct competitors

• Indirect competitors

• Replacement competitors

• Rival competitors

Other than in the stockroom where is a store's inventory kept? (1.2)

• At the distribution center

• On the sales floor

• At the manufacturer

• In the office

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