PRICING & PROFIT
Revenue minus cost of goods sold
What is Gross Profit?
The 4 Pās include product, price, place, and this
What is Promotion?
š¬ In CRAVED, the āCā stands for this
What is Concealable?
Organization that ensures workplace safety
What is OSHA?
System that sells oldest inventory first
What is FIFO?
Revenue minus ALL expenses
What is Net Profit?
Encouraging customers to buy additional items at checkout
What is Suggestive Selling?
Items that are easy to steal and resell are considered this
What is Valuable?
Law that protects employees who report wrongdoing
What is the Whistleblower Protection Act?
A barcode system used at checkout
What is UPC?
A pricing strategy where price is doubled from cost
What is Keystone Pricing?
A visual display at the end of an aisle designed to grab attention
What is an Endcap?
Theft by employees
What is Internal Theft?
Safest way to lift a heavy object
What is bending your knees and lifting with your legs?
Technology that tracks items using radio waves
What is RFID?
The percentage of profit made from a product
What is Profit Margin?
The layout that shows where products should be placed on shelves
What is a Planogram?
Theft by customers
That is External Theft (Shoplifting)?
Law that allows unpaid leave for family/medical reasons
What is FMLA?
The total amount of goods a store has
What is Total Inventory?
When a retailer reduces price to clear inventory
What is a Markdown?
A strategy that uses all channels seamlessly (online + in-store)
What is Omnichannel Retailing?
Inventory loss from theft, damage, or error
What is Shrink?
Misleading customers about prices or products
What is Deceptive Pricing?
The cost of producing or purchasing goods sold
What is COGS (Cost of Goods Sold)?