Exam (elaborations)
NRF Retail Industry Fundamentals Glossary
NRF Retail Industry Fundamentals Glossary
[Show more]
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.
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.
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.
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.
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 ACTUALSTUDY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.27. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
63613 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