Retail Industry Fundamentals vocabulary: GRADED A+ QUESTIONS AND ANSWERS 2024
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Course
NRF
Institution
NRF
Retail Industry Fundamentals vocabulary: GRADED A+ QUESTIONS AND ANSWERS 2024
Retailer - ANSWER A person or company that sells goods and/or services to customers
Wholesaler - ANSWER Buys large quantities of product from manufacturers and sells them to retailers
Shelf life - AN...
Retail Industry
Fundamentals vocabulary:
GRADED A+ QUESTIONS
A
VI
AND ANSWERS 2024
TU
IS
Retailer - ANSWER A person or company that sells goods and/or services to
customers
M
Wholesaler - ANSWER Buys large quantities of product from manufacturers and
sells them to retailers
O
Shelf life - ANSWER Refers to the amount of time an item remains usable, salable
or fit for consumption
A
The Retail Product Cycle - ANSWER The repetitive cycle that occurs with retailers
N
in regard to product assortment
JP
Distribution Center - ANSWER A large facility that manufacturers send large
quantities of product to then be sent to retailers
Allocation - ANSWER Distributing merchandise from the manufacturer to the retail
locations
POS - ANSWER Point of sale
,Workplace safety - ANSWER Preventing injury and illness to customers and
employees
OSHA - ANSWER Occupational Safety and Health Administration
Radio Frequency Identification Device - ANSWER The ability to scan large volumes
of inventory or tagged items at a time
Company culture - ANSWER The personality of the company/the unique way that
A
employees interact with each other and their customers
VI
Customer Loyalty Life Cycle - ANSWER 1- Customer has want or need
2- Customer considers different purchase options
3- Customer chooses a buying option (instore or online)
TU
4- Customer either likes or dislikes experience
5- Customer has a good customer service experience and purchases from the retailer
again
6- Customer tells others about the good experience and becomes a loyal shopper
IS
Product knowledge - ANSWER Information that is used to help customers
understand how products and/or services will meet their needs
M
Inventory Life Cycle - ANSWER 1 - Inventory arrives at the store
2 - Products are received, tagged and/or priced
O
3 - Inventory is moved to the sales floor or stockroom
4 - Customers shop inventory
5 - Inventory is purchased
A
Retail Product Cycle - ANSWER 1 - Selection
N
2 - Allocation
3 - Distribution
JP
4 - Selling
5 - Markdowns
SMART goals - ANSWER Specific
Measurable
Achievable
Results-oriented
Time-based
, KPI - ANSWER Key performance indicator
Problem Solving Process - ANSWER 1 - define the problem
2 - identify solutions
3 - choose a solution
4 - take action
Job description - ANSWER A broad, general, written statement of a specific job
A
Manufacturer - ANSWER Responsible for the production of finished products
VI
TU
Which of the following is most likely to be a role in a retail career?
A. Buyer
B. Mechanic
IS
C. Babysitter
D. Therapist - ANSWER A. Buyer
From the list below, select the business in the retail industry.
M
A. Doctor's office
B. Department store
O
C. Car Repair Shop
D. City Park - ANSWER B. Department Store
A
A Person or a company that sells goods and/or services to a customer is called a
A. seller
N
B. customer
C. consumer
JP
D. retailer - ANSWER D. retailer
What's considered a retail service?
A. Car wash
B. New car
C. Car engine repair
D. New car tires - ANSWER A. Car wash
What item is a retail product?
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