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Retail Industry Fundamentals Latest Update ALL ARE CORRECT ANSWERS (each containing 180 questions
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Retail Industry Fundamentals Latest Update ALL ARE CORRECT ANSWERS (each containing 180 questions
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8/31/24, 1:53 PMRetail Industry Fundamentals
Jeremiah
Terms in this set (138)
A type of economic fraud in which thieves steal customer login information and then
Account Takeover
use it to access their retailer loyalty accounts. Also called loyalty fraud.
Active Listening A structured from of listening and responding that focuses the attention on the speaker.
the activity of explicitly paying for media space or time in order to direct favorable
Advertising
attention to certain goods or services
Available services for specific product purchases that costumers can opt for (e. g.,
Add-on Services
payment options, product modifications etc.)
Modifications to products that help them best meet the needs of customers (e.g., the
Alterations
tailoring of clothing items or installing additional memory in a labtop)
Passed by Congress in 1991, this act banned discrimination against the disabled in
Americans with Disabilities Act (ADA)
employment and mandated easy access to all public and commercial buildings.
A communication style in which a person tends to ask a lot of questions and behave
analytical communication style
methodically. Typically wants the important data, facts and logic.
Practices and devices used to manage and minimize deliberate preventable losses.
Anit-theft methods Examples include: non-electronic ink tags, mirrors, closed-circuit cameras, display or
fixture locks, cables, chains and alarms and uniformed security guards.
Also referred to as loss prevention: The branch of retail in charge of implementing
Asset Protection
actions plans to reduce waste, breakage or theft and increase safety.
The employment relationship that exists when employers can hire any employee they
choose and dismiss an employee with or without cause at any time. Employees can also
at-will employment
elect to work for the employer or to terminate the relationship anytime they desire to
do so.
A type of ecommerce fraud in which cyber-criminals either steal credit card information
from customers or create programs to test randomly generated car numbers and CVV
Automated fraud
codes until they find a combination that works; then bots place multiple transactions
very quickly using the stolen credit card number.
An advertising strategy in which retailers use podcast-digital audio-messages to
Audio ads on podcast
advertise their merchandise.
Available inventory (on-hand) The number of units within the total inventory that are available to sell.
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This refers to the average amount that a customer spends during a store visit. This
Average customer spend
information might help a store plan their sales and marketing approaches.
A machine-readable series a parallel lines, used in retail to create a unique item
Barcode
identifier.
Conscious or unconscious gestures and movements that express intentions. These are a
Body Language cues
key form of nonverbal communication.
Monetary incentives given to employees for great performance. Retailers often give
Bonuses
bonuses to employees, teams or departments or even the entire company.
An extension of the company brand that reflects the benefits of doing business with
Brand promise
them-for example, providing quality customer service.
Phrases used to smooth the transition between on customer and the next one (e.g.
Breakaway Statements
"Would it be ok if I grab a few items for another customer?")
Commercials produced for tv and radio. This terms also included on-screen movie
broadcast advertising
theater ads.
A pricing model in which retailers sell multiple products and/or services together for a
Bundle pricing lower retail price than if all of the items were purchased individually. This approach
helps increase the perception of value with customers.
Buying The branch of retail responsible for selecting and purchasing merchandise.
The collective group of customers that are served by a specific retailer, when
Clientele
considered in total.
Security cameras that are used to watch areas of the store, on the sales floor and in
Closed-Circuit Camera other locations. Certain store employees can view the camera's video from a private
office or control room.
A form a compensation in which a percentage of their sales is given to sales associates
Commission
as a part of their wages.
The overall impression gathered from information that is seen, heard and experienced
Company brand
by customers who encounter a business, its products and it s services.
The behavior, attitudes, values, and habits of the employees and owners that are unique
company culture
to each company
A form of compensations that offers employees product discounts and discounts at
Company Discounts
partners' businesses as a benefit to facilitate employee engagement.
A website that represents a retailer on the internet. Retailer websites provide customers
with a way to browse and purchase products and services that the company offers
Company website
along with information about store locations and hours, career opportunities and
general information about the company.
A shopper who spends a lot of time checking out products and prices through online
Comparison shopper sites, visiting different stores, comparing retailer ads and/or getting the opinions of
others either personally or through social media.
The term used for what a company gives its employees in exchange for their work.
Compensation Forms of compensation include hourly pay, bonuses, commission and company
discounts.
A pricing strategy in which retailers set their prices taking into account the competition.
Competitive pricing
Prices can be set below or above those of the competition.
Businesses with similar products and/or services that compete for the same customers.
Competitors
These can be classified as direct, indirect or replacement competitors.
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