What is Retail
What is the term for physical goods that are bought and sold?
Products
In Multichannel Retailing, the systems that customers use to shop are...
Not connected to one another
What term would you use to describe the GROWER of potatoes?
Manufactuer
What's the term for reducing (lowering) the price of an item in order to encourage sales?
Markdown
The selling of goods and/or services to a customer is called...
Retail
Would an oil change on a car be considered a retail service?
Yes
In Omnichannel Retailing, the systems that customers use to shop are...
Connected to each other
What kind of things does a manufacturer produce?
Finished Products
In the retail product cycle, what step comes after the distribution of products?
Selling
Merchandise without an expiration date like electronics, tools and home goods typically have a longer...
Shelf-Life
What is the term for intangible things, such as providing delivery, that are sold by retailers?
Services
Customers of a popular shoe store chain can purchase items in-store and online or via their mobile app. The customer also receives texts and emails about current promotions and sales. This is an example of:
Omnichannel
A term for distributing merchandise from the manufacturer to retail locations is called:
Allocation
Name the FIVE parts of the Retail Product Cycle (in correct order):
Selection, Allocation, Distribution, Selling, and Markdowns
Name a product that would have a short (less than 2 week) shelf life:
Food like meat, dairy, fish, fresh food and veggies etc.
The majority of retailers are...
Independently Owned
Michael bought a costume from Party City's catalog. When the costume was delivered to his house, it was the wrong size. When Michael went to Party City to exchange the costume for a new one, the sales associate did not have the same costume in stock because the costumes they sell online are different than the ones sold in the store.
This is an example of what kind of retailing?
Multichannel Retailing
Name the place where retailers hold large quantities (amounts) of products that are later sent to retail locations or directly to customers:
Distribution Center
The store's location, local customer preferences, available space in the store, and any manufacturer incentives.
Arrange the following items in order of shelf life from shortest to longest:
A can of green beans
A green T-Shirt
A hot cup of green tea
Fresh Green Beans
A green shamrock hat
A hot cup of green tea (shortest)
Fresh green beans
A can of green beans
A green shamrock hat
A green T-Shirt (longest)
A retail business, owned by shareholders and having centralized decision making for their multiple stores is called:
Corporation
Name the term for the retailing approach that places the focus on creating a seamless shopping experience for customers by integrating multiple channels.
Omnichannel
Buys a large quantities of product from manufactures and sells them to retailers:
Wholesalers
What is the term for distributing merchandise from the manufacturer to a retailer's location, which may include stores, distribution centers, and other locations?
Allocation
Name two of the most important skills that would be helpful to a salesperson:
Active listening and communication