Exam (elaborations)
NRF Retail Industry Fundamentals Glossary
NRF Retail Industry Fundamentals Glossary
[Show more]
Seller
Follow
Content preview
NRF Retail Industry FundamentalsGlossary
Account takeover - ✅✅ -A tvbe of e-commerce fraud in which thieves steal
customer login information and then use it to access their retailer loyalty accounts.
Once they have account access, thieves can often use customers' loyalty points to
make purchases for themselves. This type of fraud is also referred to as loyalty
fraud.
✅✅
Active listening - -A structured form of listening and responding that focuses
the attention on the speaker. The listener must take care to attend to the speaker
fully and understand any messages suggested behind the words.
Advertising: The activity of producing paid advertisements for commercial products
and services.
Add-on services - ✅✅ -Available services for specific product purchases that
costumers can opt for (e.g., payment options, product modifications, ways that
customers can protect their purchases, and others).
Alterations -✅✅ -Modifications to products that help them best meet the needs of
customers (e.g., the tailoring of clothing items or installing additional memory in a
laptop).
Americans with Disabilities Act -✅✅ -This act prohibits employers from
discriminating against qualified individuals with disabilities in job application
procedures, hiring, firing, advancement, compensation, training and other terms,
conditions and privileges of employment.
Analytical communication style - ✅✅ -A communication style refers to the way a
person interacts with others. Someone who has an analytical communication style
typically wants the important data, facts and logic.
Anti-theft methods: Practices and devices used to manage and minimize deliberate
preventable losses. Examples include: non-electronic ink tags, mirrors, closed-circuit
cameras, display or fixture locks, cables, chains and alarms and uniformed security
guards.
Asset protection (sometimes referred to as loss prevention): - ✅✅ -The branch of
retail in charge of implementing action plans to reduce waste, breakage or theft and
increase safety.
,At-will employment - ✅✅ -Employment subject to termination by an employer at any
time for any reason, except for an illegal reason such as discrimination. An employee
is also free to leave a job at any time, for any reason.
Automated fraud - ✅✅ -A type of ecommerce fraud in which cyber-criminals either
steal credit card information from customers or create programs to test randomly
generated card numbers and CV codes until they find a combination that works; then
bots place multiple transactions very quickly using the stolen credit card number.
Audio ads on podcasts - ✅✅ -An advertising strategy in which retailers use
podcast-digital audio-messages to advertise their merchandise.
Available inventory (or on-hand): The number of units within the total inventory that
are available to sell.
Average customer spend - ✅✅ -This refers to the average amount that a customer
spends during a store visit. This information might help a store plan their sales and
marketing approaches
Barcode: A machine-readable series of parallel lines, used in retail to create a
unique item identifier.
Body language cues - ✅✅ -Conscious or unconscious gestures and movements
that express intentions. These are a key form of non-verbal communication.
Bonuses: Monetary incentives given to employees for great performance. Retailers
often give bonuses to employees, teams, or departments, or even the entire
company.
Brand promise - ✅✅ -An extension of the company brand that reflects the benefit of
doing business with them-for example, providing aualitv customer service.
Breakaway statements - ✅✅ -Phrases used to smooth the transition between one
customer and the next one (e.g., "Would it be
OK if I grab a few items for another customer?").
Broadcast advertising - ✅✅ -Commercials produced for television and radio. This
terms also includes on-screen movie theater advertising.
Bundle pricing - ✅✅ -A pricing model in which retailers sell multiple products and/or
services together for a 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.
, Clientele -✅✅ -The collective group of customers that are served by a specific
retailer, when considered in total.
Closed-circuit cameras - ✅✅ -Security cameras that are used to watch areas of the
store, on the sales floor and in other locations. Certain sore employees can view the
cameras' video from a private office or control room.
Closed-ended questions - ✅✅ -Questions that aim to get vou a short or ves/no
answer. These are useful to limit the scope of a conversation, confirm a specific
response, or to close the sale. Closed-ended questions often begin with words such
as:
will, can, may, are, and do.
Commission - ✅✅ -A form of compensation in which a percentage of their sales is
given to sales associates as a part of their wages.
Company brand - ✅✅ -The overall impression gathered from information that is
seen, heard and experienced by customers who encounter a business, its products
and its services.
Company culture - ✅✅ -The unique way that an organization's employees interact
with each other and with customers. The culture defines the personality of a
company, and typically includes a variety of elements, such as work environment,
company mission, value, ethics, expectations, and goals. A company's culture can
provide additional expectations for employees to deliver on the company's brand
promises.
Company discounts - ✅✅ -A form of compensation that offers employees product
discounts and discounts at partners' businesses as a benefit to facilitate emplovee
engagement
Company website -✅✅-A website that represents a retailer on the internet.
Comparison shopper - ✅✅-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.
Compensation - ✅✅ -The term used for what a company gives its employees in
exchange for their work. Forms of compensation include hourly pay, bonuses,
commission and company discounts.
Competitive pricing - ✅✅ -A pricing strategy in which retailers set their prices taking
into account the competition. Prices can be set below or above those of the
competition.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller stuviaexam. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.16. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83684 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now