Retail and Retailing The Retail and Retailing Quiz 1. Manufacturers need retailers to act as a middleman between them and the customer principally because they don’t have the retailer’s infrastructure and skill set. True False 2. It is up to the vendor (who is bringing the product to market), to manage the product into the marketplace and try to maintain a flow of product that will satisfy demand, but not result in surplus stock. Any surplus will have to be sold below cost and will negatively affect any profit made on the line. True False 3. Key factors for consumer when selecting delivery options include;- Select all that apply Reliability Price Convenience Choice 4. The Benefits of multi-channel retailing for the retailer include;- Select all that apply Offering convenience and a variety of touch points for the consumer to make a purchase, drives sales, margin and profit They are perceived as contemporary and responsive to new technology differentiates themselves in a crowded market, Data can be collected across each channel Price is not the only consideration, so they may make a little more margin 5. The growth of online has meant for retailers Select all that apply Significant investment in new technologies Transparent and fiercely competitive pricing Information that helps them understand their customer’s demographics The ability to segment their offer and target consumers them in new ways. 6. Click n collect means that the customer places their order online, then goes to the shop to collect it themselves. One of the reasons this is popular is what is known as the “final mile “. True False 7. A retailer’s objective usually include ;- Select all that apply Maximise profit for the owners and shareholders Sell at a low margin Build their market share Increase product sales 8. All retailers work directly with manufacturers to come up with “own brand” product. True False 9. Retail profit is generated by buying at one price, and selling on at another price that will cover overheads and leave an amount for the retailer’s profit. True False 10. When selecting a product range the buyer will;- Select all that apply Be able to select as much product as they think will sell Have targets to achieve in terms of sales and profitability Will consider product sourcing, Will consider product mix and margin mix, Be sure to click Submit Quiz to see your results! Name Email Time's up ← The Franchise ModelWriting Business Documents →