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NRF Vocabulary – Complete Study Guide (Graded A+)
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NRF Vocabulary – Complete Study Guide (Graded A+)
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NRF Vocabulary – Complete Study Guide (Graded A+)Corporation Right Ans - A business that has shareholders through publicly
traded stock, and usually has a centralized decision-making for its multiple
store locations. Corporate-owned retailers include large chains such as
Walmart, Kroger and Target.
Customers (or consumers) Right Ans - People who purchase goods or
services from a business.
Distribution channel Right Ans - A path through which a product travels
from its creation to when it reaches the customer.
Franchise Right Ans - A license granted to another entity to retail a
company's products or services in a particular area.
Independent retailer Right Ans - A retail business owned by an individual.
Typically, a single store or a small, regional chain.
Manufacturer Right Ans - Any entity that produces finished products.
Multichannel retailing Right Ans - A retail model that offers customers the
opportunity to interact with the multiple options in their ecosystem. These
can or cannot be systemically connected to each other.
Omnichannel retailing Right Ans - A retail model that integrates multiple
channels of a retail ecosystem to create a seamless consumer experience
through the use of technology.
Private company Right Ans - Large companies with many retail locations,
centralized business operations and their stock is not traded on the stock
market. Privately-owned retailers include large chains such as Albertsons,
Ashley Stewart and Belk.
Products (or merchandise) Right Ans - Physical goods that are bought and
sold, such as food, clothes and household items.
Retail Right Ans - The process of selling products and/or services to
customers to earn a profit.
, Retail ecosystem Right Ans - An interconnected system of approacnes for
providing customers with the merchandise and services they want — when,
where and how they want to experience and purchase it. A retailer's
reimagined ecosystem may offer a network of pnysical store formats, direct or
phone sales options, ecommerce site(s), app(s), targeted marketing,
experiences, services, amenities and interactions.
Retailer Right Ans - A business or person that sells products and/or
services to customers. Each retailer selects merchandise or services based on
the needs of a specific store, region or community.
Services Right Ans - Intangible (can't be physically owned by the customer)
transactions, such as lawn mowing, hair care services, personal training, ride
sharing and video streaming.
Wholesaler Right Ans - An entity that buys large quantities of these
products directly from the manufacturer and then sells smaller amounts of the
products to different retailers.
Company website Right Ans - A website that represents a retailer on the
Internet. Retailer websites typically provide customers with a way to browse
and purchase products and services that the company offers along with
information about store locations and hours, career opportunities and general
information about the company.
Comparison shopper Right Ans - A shopper who spends a lot of time
checking out products and prices through online sites, visiting different stores,
comparing retailer ads and/or getting the opinions of others either personally
or through social media.
Demographic data Right Ans - Quantifiable information used to help
retailers determine customer behavior (e.g., household size, gender, age,
income, education, occupation, place of residence).
Digital signage Right Ans - Technology used to electronically display digital
images, video, web pages and text. Retailers use them to attract in-store
customers to merchandise, provide price and product information and share
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