Inventory Terms
This is a series of lines and numbers scanned to quickly identify a product.
What is a barcode?
All the goods a store has on hand at a certain time.
What is inventory?
Shrinkage can occur due to this by customers.
What is shoplifting?
FIFO stands for this.
What is First In, First Out?
A customer asks for a product that is out of stock. The best way to help them is to check other locations or suggest a similar product. What skill is being used?
What is customer service?
A number used to identify produce items like bananas or apples in a store.
What is a PLU (Price Look Up) code?
When a store runs out of a product, it is called this.
What is out-of-stock?
Damaged products also contribute to this type of loss.
What is shrink (shrinkage)?
FIFO prevents older items from sitting too long and causing this problem.
What is spoilage or expiration?
A company sells products through an online website, a mobile app, and local stores, although these methods are not connected.
What is multichannel retailing?
This system records sales, tracks inventory and prints receipts.
What is a POS (Point of Sale) system?
When a store has too much product, this problem occurs.
What is excess inventory?
True or False: Shrinkage only comes from theft.
What is false?
A store rotates its canned goods so that the oldest items are at the front of the shelf. This prevents what type of loss?
What is expired products?
A store decides to put popular items near the front to increase visibility and sales. This merchandising strategy is called what?
What is visual merchandisig?
A tag that uses radio waves to track products without scanning a barcode.
What is RFID?
This term describes the process of managing products from delivery to sale.
What is inventory management?
A store notices missing inventory because employees are giving away items to friends. This type of loss is called what?
What is employee theft?
During a stock check, employees notice that newer boxes of cereal are being sold before older boxes, and some older boxes are starting to expire. What should the store have done differently?
What is rotate older inventory to the front/use oldest stock first?
You notice a customer concealing items in their bag. What is the safest way for an associate to handle the situation?
What is alert a manager or security?
The difference between the inventory a store should have and what it actually has.
What is shrink?
A store usually sells 10 units of a popular backpack per day. It takes 5 days for new shipments to arrive. To prevent running out if sales suddenly increase or delivery is delayed, the store keeps extra units on hand just in case.
What is safety stock?
A store keeps no records of items being returned or misplaced, leading to inventory discrepancies. What is the main cause?
What is human error?
A bakery notices that some pastries are going stale before they can be sold, even though they baked fresh batches every morning. What should the staff do differently?
What is sell the older pastries first?
A local coffee shop notices that another coffee shop opened down the street selling similar drinks, prices, and targeting the same customers. The second shop is an example of what type of competition?
What is direct competition?