Lesson 3: Types of Retail

What is another term for Store-Based Retail?

• E-commerce Platform

• Brick-and-Mortar Retail

• Virtual Store

• Online Retail

What type of retail involves selling products directly to consumers without the need for physical stores?

• Online marketplace

• Auction websites

• Mail-order catalogs

• Direct selling

What is the main platform for Internet Retail?

• social media platforms

• brick-and-mortar stores

• TV infomercials

• e-commerce websites

What type of retail focuses on providing services rather than physical products?

• Product Retail

• Wholesale Retail

• Online Retail

• Service Retail

What are the advantages of Store-Based Retail?

• Virtual reality experience

• Physical interaction, immediate assistance, personalized experience

• 24/7 availability

• Unlimited product selection

Name a popular example of Non-store Retail.

• Brick-and-Mortar Stores

• Online Shopping

• Telephone Ordering

• Door-to-Door Sales

How does Internet Retail impact traditional brick-and-mortar stores?

• Internet Retail provides convenience, leading to decreased foot traffic and sales in physical stores. Brick-and-mortar stores must enhance in-store experiences, offer unique products, and provide exceptional customer service to compete.

• Brick-and-mortar stores are thriving due to Internet Retail

• Internet Retail boosts foot traffic and sales in physical stores

• Internet Retail has no impact on brick-and-mortar stores

What are the key components of a successful Retail Business?

• Weak customer base, disorganized inventory management, high pricing, poor customer service, cluttered store layout

• Limited customer base, inefficient inventory management, random pricing, average customer service, outdated store layout

• Inconsistent customer base, lack of inventory management, arbitrary pricing, mediocre customer service, unappealing store layout

• Strong customer base, effective inventory management, strategic pricing, excellent customer service, well-designed store layout

How does Retailing of Services differ from other types of retail?

• Retailing of services involves selling tangible products, while other types of retail focus on intangible goods.

• Retailing of services does not involve customer interaction, unlike other types of retail.

• Retailing of services does not require a physical location, unlike other types of retail.

• Retailing of services involves selling intangible products, while other types of retail focus on tangible goods.

What are the challenges faced by Non-store Retail businesses?

• Intense competition, high costs, limited customer interaction, need for effective online marketing

• High costs, lack of online marketing, low competition

• Limited competition, low costs, high customer interaction

• Low costs, high customer interaction, lack of online presence