English Quiz for IBPS PO Mains – Set 9

India, like Britain, is also a
nation of shopkeepers. With over 12 million retail outlets, India has one of
the highest densities of retail outlets in the world with one retail outlet for
around 90 persons. Retailers inspired by the Walmart story of growth in small town
America are tempted to focus on smaller towns and villages in India. However, a
careful analysis of the town strata-wise population, population growth,
migration trends and consumer spend analysis reveals a very different picture
for India. After long spell of shortages, which shackled consumer buying for decades, retail is becoming India’s
new mantra. While the retailing industry itself has been presented through
history in our country, it is only the recent past that has witnessed so much dynamism.

This is a time when the
demography of our population is changing significantly to drive organized
retail growth. India now has a large young working population with a median age
of 24. The number of nuclear families in urban areas is growing fast. Then
there is the increase in working women population. Add to these the emerging
opportunities in the service sector. Lifestyle habits are shifting from
austerity to complete self-indulgence and Indians are now unapologetic about spending lavishly on non-essential goods such as
luxury watches, cars, and hi-tech products.

India can be said to have entered
the second phase of retail growth when there is high speed growth. There are
retail chains along with global players which are trying to tap the country’s
vast potential. Bringing all these under one roof are mega malls. Now, top
names in international malls are also eyeing the Indian market. It is only
later that the retailing scene will move to the other phases when the fruits of
rapid growth will result in economies of scale and greater efficiency leading
finally to consolidation through mergers and acquisitions. Thus, retailing in
India has a very long haul ahead. In India for a long time a large chunk of
retail outlets were grocery shops. This pattern had been changing in recent
years, in urban and rural markets. Of late, India’s largely rural population
has also caught the eye of retailers
looking for new areas of growth. A slew of supermarket chains are set to storm
the rural areas of the country as corporates realize the huge potential of the untapped market. A well-know brand
launched the country’s first rural mall, offering a diverse product range from
FMCG to electronic appliances to automobiles, attempting to provide farmers a
one-stop destination for all of their needs. Other companies are launching
‘one-stop shops’ for farmers and their communities too.

As clear from the story of some
of the companies already established, organized retail sector can bring a
revolutionary change in rural India unless it goes for quick short-term gains.
With Walmart famous for its ‘Always Low Prices’ coming to India. Indian farmers
and rural craftsmen can hope for a better direct deal. Retailing does not
benefit just the consumer. If can give huge benefits to other industries, to
government, and to the entire economy. The rural market is not longer a
non-player in the retail game. It is now accounting for about one-third of the
market for most durable and non-durable products. Even manufacturers are
developing new products with the rural consumer in mind besides using
village-oriented marketing strategies for brand promotions. Whether it is an
actress promoting a chocolate or a cricketer wowing village lads with a soft
drink, both ad makers as well as top company honchos know where to put their
money and how. The rural market is no longer of hypothetical empirical value
but is well researched and reached by most companies looking to tap India’s
vast and abundant bounty.

The Indian retail scenario is
poised for a quantum leap. Not only are newer names set to dot the retail
landscape but also new and emerging retail formats will drive the diversity of
the fast-changing retail backdrop. Organized Retail means ‘Big Stores’ a common
myth ….. nothing can be further from the truth. In its very essence,
organized retailing is about “aggregating value” and what shape, size and
configuration your customer facing entity takes is largely a function of your
customer facing entity takes is largely a function of your offer and
proposition. A growing population, a young workforce and zooming consumer confidence will fuel the expansion of the retail
sector. As organized retail in rural India awaits the arrival of known
companies, current majors are expanding their retail operations by setting up
more stores, entering new states and offering newer product categories. A shift
from selling agri-inputs will help these stories target the non-farming
segments. It is a little known fact that, while 25% of the rural population is
not engaged in agriculture, it earns 50% of the rural income. The retail market
is the next growth frontier for corporate India. It offers an opportunity for a
large player to build a 40000 Cr retail business spanning multiple categories
by 2015 (at current price). However, to capitalize on the opportunity, a player
needs to be aggressive in his
outlook and build scale quickly.

1. What according to the author is ‘Organized retailing’?

1) Setting up a number of stores
in a short span of time in order to achieve visibility

2) Selling the same products
under different names

3) Assigning a higher value to
all products so that a greater margin of profit is attained in a shorter span
of time

4) Adapting one’s strategy of
selling or making products according to customer needs and demands

5) Building bigger stores to
attract more number of people

2. What, according to the author, is not well know?

1) Encouraging the retail
industries to set up stores in the rural areas will lead to disaster

2) half of the income in rural
areas comes from people engaged in non-agricultural activities

3) People in the rural areas are
unwilling to spend on products other than those related to agriculture

4) People in the rural areas have
a very limited spending capacity because of low income

5) Rural areas have a high
potential for success of retail industries

3. Which of the following, according to the author, is/are the reason/s
for the change in the spending habits
of Indians?

(A) Increase in the number of
youngsters securing jobs

(B) Increase in the number of
employed women

(C) Increase in the number of
nuclear families

1) Only (A)

2) Only (A) and (C)

3) Only (C)

4) Only (A) and (B)

5) All (A), (B) and (C)

4. Which of the following can aptly replace the phrase ‘caught the eye
of’ as used in the passage?

1) made a demand for

2) been painful to

3) been noticed by

4) paid attention to

5) sought approval of

5. Which of the following is possibility the most appropriate title for
the passage?

1) Retail Industry – The Way
Ahead for Farmers

2) Retail Industry – Growth
Opportunities

3) Walmart and the Retail
Industry

4) Challenges faced by the Retail
Industry

5) The History of Retail Industry

6. Which of the following true about rural market, as given in the
passage?

(A) Products are being designed
to suit requirements

(B) Companies are taking into
account rural settings while conceptualizing advertisements

(C) It forms around 33 percent of
the consumers of most retail products

1) Only (A) and (C)

2) Only (A) and (B)

3) Only (A)

4) Only (B) and (C)

5) All (A), (B) and (C)

7. Which of the following is true about Walmart, as given in the
passage?

(A) Walmart achieved a fair
amount of success in smaller towns of the US.

(B) Walmart has presence in all
the countries.

(C) Goods sold at Walmart are
priced low.

1) Only (A) and (C)

2) Only (A) and (B)

3) Only (A)

4) Only (B) and (C)

5) Only (C)

8. What is the present situation of retail growth in India?

1) The growth of the retail
sector is progressing at a medium pace and India lacks the resources to
capitalize on the potential market

2) India’s growth in retail
sector can be compared to the growth of the US in the same

3) India has a huge untapped
market for the retail sector which at present only the international companies
are using to their advantage

4) India is witnessing rapid
growth in the retail sector with most companies trying to make maximum of the
available market

5) India is witnessing a lot of
mergers and acquisitions in the retail sector

Directions (9-12): Choose the word/group of words which is most similar
in meaning to the word/group of
words printed in bold as used in the passage.

9. DYNAMISM

1) Twist 2) Interweaving 3)
Vitality 4) Distortion 5) Deformation

10. ZOOMING

1) Fast 2) Whizzing 3) Increasing
4) Burning 5) Quick

11. AGGRESSIVE

1) Forceful 2) Hostile 3) Violent
4) Antagonistic 5) Destructive

12. SHACKLED

1) Tied 2) Destroyed 3) Chained
4) Restricted 5) Imprisoned

Directions (13-15): Choose the word/group of words which is most
opposite in meaning to the word/group of
words pointed in bold as used in the passage.

13. DIVERSITY

1) Fairness

2) Uniformity

3) Reliability

4) Difference

5) Equality

14. UNAPOLOGETIC

1) Guilty

2) Reformed

3) Unrepentant

4) Ignorant

5) Accountable

15. UNTAPPED

1) Over – insistent

2) More frequent

3) Available

4) Infect

5) Over – exploited