Retail Business Fundamentals Assessment

Sarah owns a small boutique clothing store in her neighborhood. She makes all business decisions herself and reinvests profits back into the store. What type of ownership structure does Sarah's business represent?

• Independent
• Private Company
• Corporation
• Franchise

A customer walks into an electronics store looking for a laptop for college. The salesperson asks, 'What will you primarily use this laptop for?' This is an example of what type of questioning technique?

• Personalized offering
• Open-ended question
• Closed-ended question
• Active listening

Best Buy allows customers to browse products online, purchase through their mobile app, and pick up items in-store with a seamless experience across all platforms. This strategy is called:

• Mobile checkout
• Multichannel retailing
• Omnichannel retailing
• Virtual environments

A furniture store salesperson suggests a matching coffee table when a customer purchases a sofa. This sales technique is known as:

• Upselling
• Add-on services
• Personalized offering
• Cross-selling

Netflix competes with movie theaters even though they offer different services. In competitive analysis, Netflix would be considered what type of competitor to movie theaters?

• Direct competitor
• Distribution competitor
• Replacement competitor
• Indirect competitor

A sporting goods store generates $500,000 in sales revenue but spends $350,000 on rent, salaries, and inventory costs. What is the store's profit?

• $150,000
• $500,000
• $350,000
• $850,000

When a customer orders a custom computer online and it ships directly from Dell's factory to their home, this distribution method is called:

• Ship-from-manufacturer
• Franchise distribution
• Wholesaler distribution
• Retailer distribution

A customer complains that a smartphone is too expensive. The salesperson responds by explaining the phone's advanced camera features and long battery life. This technique is called:

• Upselling
• Overcoming objections
• Active listening
• Cross-selling

Target offers a RedCard that gives customers 5% off purchases and free shipping. This is an example of:

• Mobile checkout
• Add-on services
• Loyalty program
• Return policy

A car dealership salesperson suggests a customer upgrade from the base model to the premium version with leather seats and advanced safety features. This is an example of:

• Upselling
• Personalized offering
• Add-on services
• Cross-selling