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NRF Foundation: Rise Up Certification Review – Qs & As
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NRF Foundation: Rise Up Certification Review – Qs & As
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NRF Foundation: Rise Up Certification Review – Qs & AsRetail Right Ans - process of selling products and/or services to earn a
profit
Retailer Right Ans - a business or person that sells products and/or
services to customers
Customers Right Ans - people who purchase goods or services from a
business
Products Right Ans - (also called merchandise) are physical goods that are
bought and sold
Services Right Ans - intangible transactions such as lawn mowing, hair
care, etc.
Retail ecosystem Right Ans - interconnected system of approaches
designed to meet the goal of retailing. It's providing customers with the
experience they want and need.
Multichannel retailing Right Ans - multiple buying options, but they are all
separate. For example, what is available online is not available in-store.
Omnichannel retailing Right Ans - multiple buying options that are all
interconnected. For example, buying an item online and picking it up at the
store.
Manufacturer Right Ans - produce finished products
Wholesaler Right Ans - purchases large quantities from the manufacturer
and sells smaller amounts to retailers
Independent ownership Right Ans - Typically, a single store, online site, or
small regional chain. 95% of retailers have just one location. Most businesses
in the US are under this type of ownership
, Corporations Right Ans - a business owned by shareholders through
publicly traded stock. Centralized decision making for all of it's multiple
locations
Private Company Right Ans - Ownership is limited to a single or small
group of investors (not run by shareholders). Can be a large company with
multiple locations
Franchise Right Ans - a license is granted to another entity to retail a
company's products or services in a particular area; consistency in the
customer experience is crucial
Retail supports 1 in ______ American Jobs Right Ans - 4
Teens Right Ans - The retail industry is the largest employer of this age
group.
Retail Product Cycle Right Ans - This cycle includes the following steps:
selection, allocation, distribution, selling, markdowns
Selection Right Ans - getting the right products and services to the right
place at the right time for customers to purchase
Allocation Right Ans - the process of distributing merchandise to a
retailer's locations. The larger the retailer, the more complicated it can be.
Distribution Right Ans - the process of taking products from warehouse
and distribution centers to stores to be sold to customers
On-hand Inventory Right Ans - The products or merchandise that retailers
have in their retail locations to sell.
Total Inventory/Retail Inventory Right Ans - The complete listing of all the
merchandise a retailer owns. It is usually the amount of merchandise owned
throughout the retailer's entire enterprise.
Safety stock Right Ans - Excess inventory that is kept on hand in case
customers buy more than the company estimated before the next shipment
arrives
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