Podcast
Questions and Answers
A retail business with multiple store locations, owned by shareholders, and featuring centralized decision making is best described as a:
A retail business with multiple store locations, owned by shareholders, and featuring centralized decision making is best described as a:
- Partnership
- Sole Proprietorship
- Franchise
- Corporation (correct)
In the typical retail product cycle, which activity immediately follows distribution?
In the typical retail product cycle, which activity immediately follows distribution?
- Selling (correct)
- Restocking
- Advertising
- Manufacturing
Which of the following is the best example of a retail product?
Which of the following is the best example of a retail product?
- Car tire (correct)
- Insurance policy
- Cleaning service
- Hotel service
A facility that receives large quantities of manufactured goods and then dispatches them to individual retail stores is best described as a:
A facility that receives large quantities of manufactured goods and then dispatches them to individual retail stores is best described as a:
The duration for which a product remains suitable for use or consumption is referred to as its:
The duration for which a product remains suitable for use or consumption is referred to as its:
A shoe store allowing customers to purchase items in-store, online, or via a mobile app, while sending texts and emails about promotions, exemplifies:
A shoe store allowing customers to purchase items in-store, online, or via a mobile app, while sending texts and emails about promotions, exemplifies:
Which of the following constitutes a retail service rather than a retail product?
Which of the following constitutes a retail service rather than a retail product?
Electronics and home goods are most likely to have a longer:
Electronics and home goods are most likely to have a longer:
The regular process retailers use to manage and update their selection of products is known as:
The regular process retailers use to manage and update their selection of products is known as:
Which entity is primarily responsible for the initial creation and production of finished goods?
Which entity is primarily responsible for the initial creation and production of finished goods?
Flashcards
What is a Corporation?
What is a Corporation?
A retail business owned by shareholders with centralized decision making.
What is Selling?
What is Selling?
The step after distribution in the retail product cycle.
What is a retail product?
What is a retail product?
A tangible item sold in a store.
What is a distribution center?
What is a distribution center?
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What is shelf life?
What is shelf life?
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What is Omni-channel retailing?
What is Omni-channel retailing?
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What is a retail service?
What is a retail service?
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What is return period?
What is return period?
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What is retail product cycle?
What is retail product cycle?
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Who is the Manufacturer?
Who is the Manufacturer?
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Study Notes
- A retail business owned by shareholders with centralized decision-making for multiple store locations are considered a corporation.
- Restocking comes after distribution in the retail product cycle.
- A car tire is an example of a retail product.
- A large facility that manufactures and sends large quantities of product to be distributed to stores is called a distribution center.
- The term for how long an item remains usable or fit for consumption in retail is shelf life.
- A shoe store chain allowing purchases in-store, online, or via mobile app, and sending texts/emails about promotions, exemplifies omni-channel retailing.
- Pizza delivery is considered a retail service.
- Merchandise like electronics, tools, and home goods generally have longer shelf life because they don't have expiration dates.
- The repetitive cycle for retailers regarding product assortment is the retail product cycle.
- The manufacturer is responsible for the production of finished products.
- People who purchase goods or services from a business are called customers.
- The selling of goods and/or services to a customer is called retail.
- A smartphone is a retail service.
- A person or company that sells goods/services to a customer is a retailer.
- A role in retail career might be a buyer.
- Distribution team members use replenishment reports to retrieve quantities of items to be sent to stores, they are picking.
- Marketing programs tracking purchase history, personal information, and preferences to reward loyal customers are loyalty programs.
- The store manager is responsible for ensuring safety exits are not blocked and are free in an emergency.
- A product being stolen from the store can result in inventory shrinkage.
- Products the retailer forgot to order does not cause inventory shrinkage.
- The number of sales per store location can measure whether each store is meeting its sales goals.
- A company planning for inventory aims to have equal supply and demand.
- OSHA oversees workplace safety regulations.
- Preventing injury and illness to customers and employees is called workplace safety.
- Using key information about a company's products and services to help customers understand how these products and services meets their needs is product knowledge.
- Number of sales per employee, can be used to measure whether all employees in the company are reaching their sales goals.
- In the customer loyalty life cycle, after considering purchasing options, the customer chooses a buying option.
- Greet within 30 seconds of their arrival is a good tip for connecting with customers in a retail store.
- Using open-ended questions during the selling process helps assess customer needs by encouraging detailed answers.
- OSHA requires companies to train employees on how to respond when an accident occurs to help keep employees safe.
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