LESSON 1

Question 1

is a business that sells products and/or services to consumers for personal or family use.

Answer 1

Retailing

Question 2

is the path used to get a product from the manufacturer or creator to the end user. It is how the customer gets their product after purchase, which often includes intermediaries..

Answer 2

Distribution channel

Question 3

buys products with the objective of selling them later at a high price.

Answer 3

Reseller

Question 4

a person or organization that buys goods or services from a store or business.

Answer 4

Customer

Question 5

Four distribution channel

Answer 5

Manufacturing
Wholesaler
Retailer
Customer

Question 6

is the creation or production of goods with the help of equipment, labor, machines,tools, and chemical or biological processing or formulation.

Answer 6

Manufacturing

Question 7

is a person or company that sells large quantities of goods, often at low prices, to retailers.

Answer 7

Wholesaler

Question 8

is a person or business that sells goods to the public in small quantities for immediate use or consumption.

Answer 8

Reseller

Question 9

person who buys a product or service for personal or family use.

Answer 9

Customer

Question 10

Types of distribution channel

Answer 10

Direct
Indirect
Hybrid

Question 11

channel allows the consumer to make purchases from the manufacturer. This ______, or short channel, may mean lower costs for consumers because they are buying directly from the manufacturer.

Answer 11

Direct

Question 12

channel allows the consumer to buy the goods from a wholesaler or retailer. ___ channels are typical for goods that are sold in traditional brick-and-mortar stores.

Answer 12

Indirect

Question 13

distribution channels use both direct channels and indirect channels. A product or service manufacturer may use both a retailer to distribute a product or service and may also make sales directly with the consumer. A manufacturer might sell an item on its e-commerce website, but then an intermediary delivers the physical product to the customer.

Answer 13

Hybrid

Question 14

How retailers add value

Answer 14

Breaking in Bulk
Holding inventory
Providing assortment
Offering services

Question 15

Keep inventory so that products will be available when consumers want them.

Answer 15

Keeping inventories

Question 16

Buy in large quantities then offer to consumer in smaller quantities

Answer 16

Breaking bulk

Question 17

Enables customer to choose from a wide selection of brands, designs, sizes, colors and prices in one location.

Answer 17

Providing assortment

Question 18

Provide services that make it easier to buy and use products.

Answer 18

Offering services

Question 19

is the different types of product lines and products that the retailer offers for sale. Decisions regarding the assortment of products include its width and depth.

Answer 19

Merchandise assortment

Question 20

is another important consideration for a retailer. The store’s physical layout and atmosphere should be properly planned to suit the target market and induce customers to buy.

Answer 20

Store design and display

Question 21

A retailer’s price policy plays an important role in positioning. In formulating price policies, retailers must consider their target market, product, service assortment, and competition. Although all retailers would like to charge high markups and achieve high volume, they are rarely achievable simultaneously.

Answer 21

Pricing

Question 22

Besides typical customer services, modern retailers may offer such services as home delivery, credit, and conversation. A retailer can use service mix as a key tool of non-price competition for differentiating him from others.

Answer 22

Customer service

Question 23

all the tools you use to communicate with your customers or potential customers. This could be through advertising, social media, product packaging, direct marketing, websites, events, exhibitions

Answer 23

Communication mix

Question 24

A retailer’s ____ is the keep to its ability to attract customers and succeed in business. The costs of building or leasing store premises have a significant bearing on the retailer’s profits

Answer 24

Location

Question 25

Management develops a _____ that _____ of its ______ better than its competitors.

Answer 25

retail mix; satisfies the needs; target market

Question 26

Retail strategy

Answer 26

Location
Merchandise assortment
Pricing
Communication mix
Store design and display
Customer service

Question 27

Economic retailing in US

Answer 27

•Over $3.4 trillion in annual U.S. sales
•Employs 27% of population
•Management training & entrepreneurial opportunities

Question 28

Retailing in a high tech indistry

Answer 28

• Selling Merchandise over the Internet
• Analyze POS data to tailor assortments to stores
• Point-of-sale data is data that is collected from transactions made at a point
of sale, such as a retail store. This data can include information about the products that were purchased, the date and time of the transaction, and the location of the point of sale.
• Globalization of Retailing occurs in our modern day.

Question 29

Misconceptions about careers in retailing

Answer 29

• Don’t need college
• Low Pay
• Long Hours
• Boring
• Dead-end Job
• No benefits
• Everyone is part-time
• Unstable environment

Question 30

Types of job in retailing

Answer 30

Most entry level jobs are in store management
or buying, but retailers also have staff specialists:
• Accounting and Finance
• Real Estate
• Human Resource Management
• Supply Chain Management
• Advertising
• Public Affairs