Ch. 1.1 “Welcome to Retail”

______ is the process of selling products and/or services to customers to earn a profit.

• Retail

• Manufacturing

• Banking

• Farming

______ is defined as a business or person that sells products and/or services to customers.

• Retailer

• Manufacturer

• Wholesaler

• Supplier

______, or shoppers, are people who purchase goods or services from a business.

• Customers

• Employees

• Managers

• Suppliers

______, also called merchandise, are physical goods that are bought and sold, such as food, clothes, and household items.

• Products

• Services

• Investments

• Resources

______ are intangible transactions, such as lawn mowing, hair care services and personal training.

• Services

• Products

• Goods

• Commodities

The goal of ______ is to provide customers with the merchandise and services they want—when, where, and how they want to purchase them.

• retailing

• manufacturing

• wholesaling

• advertising

The distribution channel often begins with a ______ who produces finished products, like toys and frozen hamburger patties.

• manufacturer

• retailer

• consumer

• wholesaler

A ______ buys large quantities of these products directly from the manufacturer and then sells smaller amounts to retailers.

• wholesaler

• consumer

• manufacturer

• retailer

______ is an interconnected system of approaches for meeting the goal of retailing, which is to provide customers with the merchandise and services they want – when, where and how they want to experience and purchase them.

• Retail ecosystem

• Supply chain management

• Inventory turnover

• Product assortment

______ offers customers the opportunity to interact with the multiple options in their ecosystem. Multiple channels may be available, but not necessarily systematically connected.

• Multichannel Retailing

• Omnichannel Retailing

• Single Channel Retailing

• Direct-to-Consumer Retailing