General Retail Concepts
An organization that exists to sell products or services directly to end-user consumers is referred to as a:
a. distributor
b. wholesaler
c. producer
d. retailer
retailer
What type of retail format carries a wide variety of product lines and organizes its facilities into distinct departments for displaying certain product types?
a. Department stores
b. Warehouses
c. Off-price retailers
d. Convenience stores
Department stores
What selling involves sales of goods and services to consumers through personal interactions and demonstrations in their home or office?
a. Personal
b. Contact
c. Visitation
d. Direct
Direct
A retail professional who is responsible for layout plans and displays aimed at improving store sales is known as a?
a. an inventory specialist
b. a visual merchandiser
c. department manager
d. sourcing manager
Visual Merchandiser
E-retailing is another term for blank retailing.
a. in store
b. express
c. online
d. strategy
online
Approximately how many American workers are employed in the retail industry?
a. 1 million
b. 68 million
c.32 million
d. 17 million
32 million
Which type of retailer refers to a small, self-service that offers a limited number of items that customers frequently purchase, and is open long hours and located along highly trafficked areas?
a. Convenience stores
b. Factory outlets
c. Warehouse clubs
d. Supercenters
Convenience stores
Give an example of self-service:
self-check-out, online banking, customer support, hospitality, health care etc.
Which retail career job has the responsibility for planning, controlling, and monitoring the purchase, intake, and distribution of merchandise to stores?
a. Visual merchandiser
b. Merchandise planner
c. Store manager
d. Buyer
Merchandise planner
Sam's club and Costco are both referred to as:
a. wholesale clubs
b. department stores
c. supercenters
d. category killers
wholesale clubs
In which of the following ways are discount stores classified?
a. Specialty
b. Full-line
c. Extreme-value
d. Upscale
Specialty
Blank retailers primarily offer customers mechanical or human efforts, rather than merchandise:
a. Private
b. Benefit
c. Services
d. Specialty
Services
Which type of store tailors its retail strategy toward very specific market segments by offering deep but narrow assortments and sales associate expertise?
a. Convenience stores
b. Drugstores
c. Off-price retailers
d. Specialty stores
specialty stores
Which of the following can be said about retailing as an economic activity?
a. The retail industry is the largest private sector employer in the economy
b. Retailing's effect on the economy has lessened due to the increase in online shopping
c. Historically, retailing accounted for a large part of the U.S. economy, but recent figures indicate that retailing's impact has waned
d. There are more retailers than ever, but retail spending has steadily been declining over the past 10 years.
The retail industry is the largest private sector employer in the economy
What tool helps retailers understand shopper behavior, forecast demand for products, and optimize pricing for a competitive edge?
a. Big data analytics
b. Omnichannel analysis
c. Competitive analysis
d. Profit maximization
Big data analytics
Give an example of limited service:
falls between two extremes example: Walmart, Best Buy
What are specialty stores that concentrate on pharmaceuticals and health and personal grooming merchandise?
a. Drug stores
b. Category Killers
c. Department stores
d. Medical
drugstores
Catalog marketing has been a resurgence due, in part, to the fact that they are easier to track than are commercial or social media campaigns.
True or False
True
It is a retail sales technique that is used to group many items together in a printed piece or an online store.
Which statement is true of omnichannel shopping?
a. While omnichannel shoppers do product research online, they still shop in brick-and-mortar stores.
b. Omnichannel shoppers reduce the sales that occur in brick-and-mortar stores because they can shop online instead.
c. Omnichannel shoppers are those that shop from many different online stores rather than in brick-and-mortar stores.
d. Omnichannel shoppers spend more money both online and in brick-and-mortar stores.
Omnichannel shoppers spend more money both online and in brick-and-mortar stores
Offering shopping assistance and a concierge in a department store is what type of service?
a. Limited service
b. Full service
c. Self service
d. Retailers
Full service
A company gathers photos and descriptions of all the products it sells and places them together in one printed piece or online store. This is the essence of?
a. direct selling
b. catalog marketing
c. fast fashion
d. mass merchandising
catalog marketing