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WorksheetsBusiness of Retail - Unit 1
Total questions: 15
Worksheet time: 9mins
Which of the following is a term for physical goods that are bought and sold? (1.1)
Sales
Products
Pricing
Services
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 a term for intangible things, such as providing delivery, that are sold by retailers? (1.1)
Gifts
Training
Services
Products
What kinds of things does a manufacturer produce? (1.1)
Raw material
Fossil fuels
Services
Finished products
Which of the following describes a grower of strawberries? (1.1)
Manufacturer
Wholesaler
Distribution center
Retailer
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
The majority of retailers are:
(1.1)
Independently owned
Corporations
Franchises
Online only
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
Approximately what percentage of U.S. jobs are retail jobs, as of 2019? (1.1)
5 - 10%
10 - 15%
20 - 25%
35 - 40%
What term describes delivering a positive, memorable experience that is more than what the customer expected? (1.1)
Customer service
Quality customer service
Service
Sales
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
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
A retailer's profit is:
(1.2)
The amount a company spends
The amount the company makes in sales
The amount the company owes
The amount the company gets to keep, after expenses
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
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
