Understand How the
Retail Business Works
Retail Business Works
What are the goods that retailers keep in stock and offer for sale called?
Products.
Which statement best describes a brand promise in retail?
It is an extension of the company brand and a benefit of doing business
with the retailer.
broad, general, and written statement of a specific job is called a
job description.
After a customer chooses a buying option—either in a store or online—in the customer loyalty life cycle, what is the next step?
The customer likes or does not like their store or online experience.
What is the term for individuals who buy products or services from a business?
Customers.
Regularly updating inventory and changing product displays is part of the:
retail product cycle.
Which of the following is an example of a retail service?
Extended warranty offered with a purchase.
What is one benefit of retailers using technology such as loyalty apps and personalized recommendations?
To improve the customer shopping experience and tailor offers to individual preferences.
What does the T stand for in SMART Goals
Time Based
The process of sending new shipments from a warehouse to stores is called:
allocating
In which department do associates work hands-on with food and need to be aware of food safety procedures?
Perishable department.
Which department in a retail business usually ensures compliance with labor laws, recruits, and trains new employees, keeps records, processes payroll, and manages benefits and employee relations?
Human Resources.
When managing stock levels, what is the ideal goal for a retailer’s inventory?
To maintain inventory that matches or meets customer demand.
Which of the following best describes a franchise arrangement in retail?
A license to sell a brand’s products in a certain area.
Planners, checklists, large calendars, and computer applications are used with which time management skill?
Organize.
What is typically the final step in the customer service process?
Deliver.
When a warehouse team selects items to send to stores based on a report, this is called:
packing.
What are marketing programs called that reward repeat customers and track their preferences and purchase history called?
Loyalty programs.
The period during which a packaged product remains suitable for sale is called its:
shelf life.
What does location-based marketing, also known as geotargeting, involve?
Providing personalized offers using location data like ZIP code or IP address.
Which of the following outlines the key stages in the retail product cycle?
Selection, allocation, distribution, selling, markdowns.
A customer makes a purchase and their transaction total is $25.68. The customer pays with $40.00 in cash. How much change should they receive?
$14.32.
What is one way inventory shrinkage can occur during transit?
Products are damaged or lost.
Who is responsible for turning raw materials into finished goods for stores?
Manufacturer.
What does product allocation refer to in retail operations?
Distributing merchandise from manufacturers to stores or distribution centers.