Directions: Apply the Knowledge You Have Gained from Chapter 4

question 12

Multiple Choice

Directions: Apply the knowledge you have gained from Chapter 4 to select the best answer to the following questions. ​ Choose the meaning of the word in bold using an antonym as a context clue:
Though the Kittredge family started out quite wealthy, years of gambling left them impoverished .

• A)risky
• B)foolish
• C)rich
• D)poor

---

Definitions:

Category Management

An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category.

Merchandise Assortment

The range of products a retailer offers for sale, including the variety of product lines, categories, and individual items, to meet customer demands.

Product Management

The process of developing, bringing to market, and managing a product throughout its lifecycle, from concept to discontinuation.

Retail Inventory Category

A classification within retail management that organizes inventory into groups or divisions based on similarities, usually to improve inventory management and sales strategies.