Retail Industry Fundamentals

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

• Sales

• Products

• Pricing

• Services

Which of the following is a standard term that describes the audience of retail stores-that is, the people who will buy things from the stores?

• Manufacturers

• Wholesalers

• Buyers

• Customers

Which of the following is a term for intangible things, such as providing delivery, that are sold by retailers?

• Gifts

• Training

• Services

• Products

Which of the following terms best describes a grower of potatoes?

• Manufacturer

• Wholesaler

• Distribution center

• Retailer

The majority of retailers are:

• Independently owned

• Corporations

• Franchises

• Online only

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?

• Multichannel

• Omnichannel

• Integrated channel

• Seamless channel

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

• 5-10%

• 10-15%

• 20-25%

• 35-40%

What kinds of things does a manufacturer produce?

• Raw materials

• Fossil fuels

• Services

• Finished products

Which of the following holds large quantities of product that are later sent either to retail locations or directly to customers?

• Manufacturer

• Wholesaler

• Distribution center

• Retailer

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