1.2 RIF KC

The key term in retail for a period that an item remains usable or fit for consumption is called:

• inventory

• spoiled

• shelf life

• expiration

In the retail product cycle, what step comes after distribution of products?

• distribution

• selling

• selection

• allocation

Which of the following would NOT be a factor that affects which products a retailer chooses to select to offer in a store?

• Local customer preferences

• Manufacturer incentives

• Employee preferences

• The store’s location

What’s the term that describes distributing merchandise from the manufacturer to the retailer’s location?

• Innovation

• Allocation

• Allieviation

• Reimagination

What’s the term for reducing the price of an item in order to encourage sales?

• Net profit

• Margin

• Mark up

• Markldown

What item is a retail product?

• Car tire warrenty

• Car tire repair

• Car tire installation

• Car tire

Merchandise without an expiration date like electronics, tools and home goods typically have a longer

• End Date

• Conclusion

• Shelf Life

• Run Time

What item is a retail service?

• Jewelry warranty

• Jewelry cleaner

• Silver bracelet

• Gold necklace

Customers of a popular shoe store chain can purchase items in-store and on-line or via their mobile app.  The customer also receives texts and emails about current promotions and sales.  This is an example of:

• Alternate channel retailing

• Omnichannel retailing

• Plexichannel retailing

• Multi-channel retailing

A retail business, owned by share holders and having centralized decision making for their multiple store locations is called:

• Franchise

• Independent

• Corporation

• Private Company