WEEK 2

Question 1

is a distribution process, which encompasses
all activities involved in selling goods directly to the end
consumer, who intends to use the product.

Answer 1

Retailing

Question 2

TYPES OF RETAILING

Answer 2

Store Retailing
Non-Store Retailing
Corporate Retailing
Service Retailing

Question 3

involves the operation of physical outlets where customers can explore
and purchase products firsthand. It encompasses a wide range of businesses, from
department stores to boutique shops.

Answer 3

Store Retailing

Question 4

Examples of Store Retailing

Answer 4

Department Store
Specialty Store
Convenience Store

Question 5

is a type of retailing where the transaction happens outside
conventional shops or stores.

Answer 5

Non-Store Retailing

Question 6

Examples of Non-Store Retailing

Answer 6

E-commerce Sites
Direct Selling

Question 7

involves retail structures such as franchises or chain stores by large companies that own multiple outlets across various locations.

Answer 7

Corporate Retailing

Question 8

Examples of Corporate Retailing

Answer 8

Franchise
Dealership

Question 9

also plays a crucial role in consumers’ daily life. From salons and spas to travel agencies and entertainment venues, service retailers focus on delivering experiences rather than physical goods.

Answer 9

Service Retailing

Question 10

Examples of Service Retailing

Answer 10

Restaurant Chains
Theatres
Hotels & Resorts

Question 11

9000-6000 BC
Animals such as camels, sheep, and cows are the oldest forms of currency.

Answer 11

Barter System

Question 12

200 BC
The earliest known written documentation of the Chinese Abacus (which is
still used by some)

Answer 12

Accounting

Question 13

1883
The first cash register is invented by

Answer 13

James Witty

Question 14

The Selfridges redefines retail:
From a necessary errand to a form
of entertainment, shopping became
an activity that appealed to every sense.
“Excite the mind, and the hand will
reach the pocket”.

Answer 14

HARRY GORDON SELFRIDGE

Question 15

owner of Humpty
Dumpty Supermarket in Oklahoma City invents the shopping cart.

Answer 15

Sylvan N. Goldman

Question 16

TYPES OF DISTRIBUTION PROCESS

Answer 16

Manufacturer
Wholesaler
Retailer
Customer

Question 17

The first Wal-Mart opens, followed by Kmart and Target, who follow suit and open their doors during the 1960’s.

Answer 17

Big Box Retail

Question 18

Inventory tracking methods vastly improve. Bar coding is developed in
the 1960’s, and the very first scan of a UPC barcode was on a pack of Wrigley
company chewing gum in 1974.

Answer 18

Bar Codes

Question 19

Online Shopping is born! ______ is
the first to accept an online order –
mushroom, pepperoni with extracheese.

Answer 19

Pizza Hut

Question 20

introduces mobile payments in a limited number of vending machine.

Answer 20

Coca Cola

Question 21

Steve Jobs hosted a press event at Apple’s first store at the Tyson’s Corner Center mall –upscale mall located in Virginia.

Answer 21

First Apple Store

Question 22

The retail industry and others urge merchants to go “green” and save paper by making printed receipts optional.

Answer 22

E-receipts

Question 23

refers to solutions that assist retailers to
enhance their operations. So, these advanced technologies assist retailers in
increasing their sales. Technology is
transforming the way we do business.

Answer 23

Retail Technology

Question 24

Top 4 Technology in the Evolution of Retail Industry

Answer 24

Mobile Commerce
Social Media
Big Data
Cloud Computing

Question 25

refers to the buying and selling of goods and services via mobile devices such as smartphones and tablets.

Answer 25

Mobile Commerce

Question 26

platforms like Facebook, Twitter, and Instagram have become essential marketing channels for retailers.

Answer 26

Social Media

Question 27

refers to large sets of data that can be analyzed to reveal trends and patterns.

Answer 27

Big Data

Question 28

allows businesses to store and access data and applications on remote servers instead of on local ones.

Answer 28

Cloud Computing

Question 29

to give your business an accurate method of tracking sales and for many businesses track product inventory.

Answer 29

Point of Sale

Question 30

Role of Technology in the Retail Industry

Answer 30

Point of Sale Customer Service Management of Inventory Price Auditing

Question 31

The practice of managing inventory has always been very costly for businesses.

Answer 31

Management of Inventory

Question 32

is necessary, though, for companies to ensure that they’re not overcharging or undercharging their customers. Technology has streamlined this process by automating price checks when products are scanned.

Answer 32

Price Auditing

Question 33

refers to the process of allowing another individual to use your business model, trademark, services, and/or products in return for payment.

Answer 33

Franchising

Question 34

its marketing, branding, services, and products to teach someone else how to clone it for an upfront fee

Answer 34

Franchising Fee

Question 35

charging an ongoing fee for the support that you provide. The ongoing fee is often made to be a small percentage of sales or profits.

Answer 35

Royalty Fee

Question 36

The contract binding the franchisor and franchisee is the ‘______’ it commonly refers to the business operated by the franchisee.

Answer 36

Franchise

Question 37

CHARACTERISTICS OF FRANCHISING

Answer 37

Two Parties Exclusive Right Assistance Policies Limited Period

Question 38

This method involves the franchisor and the franchisee. Both of them sign a written agreement. (FDD)

Answer 38

Two Parties

Question 39

The franchisor grants the franchisee the right to use their brand name, trademarks, and techniques under specific guidelines.

Answer 39

Exclusive Right

Question 40

The franchisor supports the franchisee in critical areas like marketing, technology, recordkeeping, staff training, etc

Answer 40

Assistance

Question 41

The former gives an undertaking not to engage in any competing business. Moreover, per the terms of the agreement between the two parties, the franchisee must not disclose any confidential information regarding the business.

Answer 41

Policies

Question 42

Franchisees can use the franchisor’s brand name, trademarks, and techniques for a period mentioned in the agreement, for example, seven years. Upon the expiry of the contract, both parties may agree to renew the contract.

Answer 42

Limited Period

Question 43

TYPES OF FRANCHISING

Answer 43

• Job-Franchise • Product (Distribution) Franchise • Business Format Franchise • Investment Franchise • Conversion Franchise

Question 44

typically features the following: home-based, one owner with minimal staff, and low investment.

Answer 44

Job Franchise

Question 45

which has the highest percentage of total retail sales, represents a supplier-dealer relationship. The franchisor provides the product while the franchisee is given the right to sell that product.

Answer 45

Product (Distribution) Franchise

Question 46

the most common type of franchise. Under this model, the franchisor provides everything from detailed business operating procedures to ongoing training and support

Answer 46

Business Format Franchise

Question 47

requires a management team and a substantial capital investment, is a large-scale operation. Generally, the franchisee hires a team to operate the business and is not involved in the business day-to-day. The goals are to obtain a return on investment and potentially a capital gain on exit.

Answer 47

Investment Franchise

Question 48

is similar to a standard franchise relationship, but in this case the franchisee joins their independent business with a franchisor in the same industry. This produces a win-win partnership as the franchisor expands its network while the franchisee reaps the benefits of adopting a well-known brand with its trademarks, marketing programs, training opportunities, critical client service standards, and successful operating procedures.

Answer 48

Conversion Franchise

Question 49

A Different Way to Categorize Types of Franchises

Answer 49

Traditional Franchise Business Franchise Social Franchise

Question 50

These types of franchises obligate the franchisee to sell a particular product or service in a specific market. Job and Product Franchises fall into this category.

Answer 50

Traditional Franchise

Question 51

These types of franchises involve a franchise business with multiple products and moving parts. Business Format, Investment, and Conversion Franchises fit in this category.

Answer 51

Business Franchise

Question 52

This is a newer category that incorporates techniques from Traditional and Business Franchises. The goal is to facilitate governments and nonprofit organizations as they work to effectuate change.

Answer 52

Social Franchise