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Retail Industry Fundamentals Exam 60 Questions & Answers.
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Retail Industry Fundamentals Exam 60 Questions & Answers.Retail Industry Fundamentals Exam 60 Questions & Answers.
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Retail Industry Fundamentals Exam 60 Questions &Answers.
What kinds of things does a manufacturer produce? - ANS finished products
Which of the following holds a large quantities of product that are later sent either to
retail locations or directly to customers? - ANS distribution center
Which of the following would NOT be a factor that affects which products a retailer
chooses to select to offer in a store? - ANS employee preferences
What’s the term that describes distributing merchandise from the manufacturer to a
retailers locations? - ANS allocation
What’s the term for reducing the price of an item in order to encourage sales? - ANS
markdown
Which of the following is a term for physical goods that are bought & sold? - ANS
Products
Which of the following is a standard term that describes the audience of retail stores—
that is, the people who will buy things from the stores? - ANS Customers
Which of the following is a term for intangible things, such as providing delivery, that are
sold by retailers? - ANS Services
Which of the following term best describes a grower of potatoes? - ANS Manufacturer
The majority of retailers are - ANS independently owned
Which of the following is the term for the retailing approach that places the focus on
creating a seamless shopping experience for customers by integrating multiple
channels? - ANS Omni channel
Approximately what percentage of US jobs are retail jobs as of 2019? - ANS 20-25%
Which of the following is the term for the overall impression gathered from information
that is seen, heard & experienced by customers who encounter a business, its products
& services? - ANS Company Brand
What kinds of things does a manufacturer produce? - ANS Finished products
Which of the following holds large quantities of products that are later sent either to
retail location or directly to customers? - ANS Distribution center
, Which of the following would NOT be a factor that affects which products a retailer
chooses to select to offer in a store? - ANS Employee preferences
What's the term that describes distributing merchandise from the manufacturer to a
retailer's locations? - ANS Allocation
What's the term for reducing the price of an item in order to encourage sales? - ANS
Markdown
Which of the following is the term for overall impression gathered from information that
is seen, heard and experienced by customers who encounter a business, its products &
services? - ANS Company brand
Which of the following best defines quality customer service? - ANS Delivering a
positive, memorable experience that is more than what the customer expected.
After one negative experience, approximately what percentage of people say they will
never do business with that company again? - ANS 50%
Which of the following is NOT a step in the basic selling process? - ANS Recite product
features
Which of the following describes a type of question that cannot reasonably be answered
with "yes" or "no"? - ANS An open-ended question
Which of the following describes a type of question that is designed to elicit a "yes" or
"no" answer? - ANS A closed-ended question
Which of the following is the best way to demonstrate that you have understood a
customer? - ANS Restate and summarize their needs
Which of the following is an example of upselling? - ANS "Would you like that as a
meal? You can get fries, plus a medium drink, for an extra $2.00"
If a customer was about to purchase a soccer ball, which of the following would be the
best item to try to cross-sell? - ANS Soccer shorts
A retailer's total inventory is: - ANS all inventory owned by the retailer, regardless of its
location
Other than in the stockroom, where is a store's inventory kept? - ANS On the sales floor
The process of automatic or manual ordering to meet product demands is called: - ANS
Inventory replenishment
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