Test Ques. Sec.# 1
What is a Corporation?
A retail business, owned by share holders and having centralized decision making for their multiple store locations.
What is Retail?
A Person or company that sells good and/or services to a customer.
What is retail ecosystem?
interconnected system of approaches designed to meet the goal of retailing, that provide customers with the merchandise and services they want.
What is Manufacturer?
Some who produces finished products (make the products).
What is Multichannel?
A retail model that offers customers the opportunity to interact with the multiple options in their ecosystem.
What is Markdowns?
Reductions in the original selling price of items that are taken in order to encourage rapid sales.
What is Active listening?
Hearing and understanding.
What is Product Knowledge?
The ability to communicate information and answer questions about a product or service.
What is Cross-Selling?
Recommending additional products that complement the customer's purchase.
What is Omni Channel?
A retail model that integrates multiple channels to create a seamless customer experience through the use of technology.
What is Merchandising?
The process of selecting an assortment of products and promoting sale of those products.
What is Quality Customer Service?
A promise that leads to retail success. Means delivering a positive, memorable experience that is more than what the customer expected.
What is Product Knowledge?
The ability to communicate information and answer questions about a product or service.
What is Upselling?
Occurs when there id an extra value to be explained about the product.
EX: Would you like to make your order a meal for an extra $2.00 you can get fries, a salad plus a drink for an additional $2.00.
What is Out of Stock?
Occurs when customers have purchased more of a product than the company estimated and an item is sold out.
What information should you expect to enter on a job application?
Education.
What does COGS refer to in retail?
Cost Of Goods Sold.
What is the key term in retail for a period of time that an item remains usable, or fit for consumption?
Shelf Life.
What steps come after distribution of products?
Allocation.
What step comes after defining the problem?
Coming up with the solutions.
What is the inventory term that describes the ability to scan large volumes of inventory or tagged items at a time?
Radio Frequency identification device.
What organization oversees and controls workplace safety regulations?
OSHA
Occupational Safety and Health Administration.
What does the "M" in SMART goal setting stand for?
Measurable.
What does POS stand for in retail?
Point Of Sale.
What is KPIs?
Key Performance Indicators.
Is how Companies measure whether they're reaching sales goals.