Customer Experience
What does NPS stand for in customer service? How does this system help retail employees improve their customer service?
Net Promoter Score. This is a number the measures the likelihood of a customer to recommend a retail store/product.
What is the difference between a food and retail operation? Give an example of each of these.
Food Operation: When food/beverage products make up the largest percentage of items sold.
Ex: In-N-Out
Retail Operation: When non food/beverage products make up the largest percentage of items sold.
Ex: Walmart
Lead time
Which retail term best describes a sales technique where an employee asks a customer if they would like to include an additional purchase that might suit the customer?
Suggestion-Selling
How many kinds of employee termination exist? Explain.
2- Involuntary & Voluntary
What is store image? How does it affect the customer experience?
Store Image is the image or impression of a store in the minds of customers. The goal of a retail store/website is to create an overall good impression in terms of products available, the store itself, and the shopping experience they expect.
A student steals a hat from the store. They don't work for our school store. This is an example of which kind of retail theft? What is the other kind of retail theft?
External theft-internal theft.
Explain the difference perpetual and physical inventory. Who keeps track of physical inventory in our store? Perpetual?
Perpetual: an inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise-usually done on a POS system.
Ex: Done by Mrs. Monteiro
Physical: when a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand.
Ex: Usually done by students
Key Metrics are numbers used to measure the success of businesses and promotional efforts. What are some of these things we can measure to know if our efforts as retailers are successful? Name 3.
Customer loyalty
Revenue
Profit
Customer reviews
Customer conversion rates
Foot traffic/site visits-clicks
Achievement of goals
Name 3 interpersonal/employability skills needed to be successful in retail jobs/careers.
Communication
Dependability
Accountability
Problem-Solving
Teamwork
Critical Thinking
What is visual-merchandising and what is the purpose of it in a retail store?
Visual Merchandising in retail merchandising is optimizing the presentation of products and services to better highlight their features and benefits. The purpose is to attract, engage, and motivate customers to make a purchase. A prettier store sells more product!
What is the difference between omni-channel and multi-channel businesses? Give an example of each.
Omnichannel:
Ex: Walmart
Multichannel:
Ex: Aviator Supply Co.
What makes a price of a product "GOOD"?
A good price covers expenses and allows for a profit. Revenue-Expenses=Profit
Explain the difference between ads and promos. What is the main goal/purpose of each.
Advertising: Inform about product/business or promotional offer.
Promotions: Persuade someone to make a purchase-may include discount, giveaways, samples, etc.
Name 3 career paths/jobs in the retail industry.
Cashier
Buyer
Store Manager
Visual Merchandiser
Sales
Marketing
What is word of mouth? Why is it important/impactful in retail stores? Give an example of this.
Word of Mouth is when consumer's interest in a business, product, or service is directly reflected in their daily dialogues. It is essentially free advertising-good or bad- can be formal, online reviews, or conversations with others. Word of mouth can have a strong impact on a business.
Name the 7 different types of store locations.
Freestanding
Brick & Mortar
Unplanned Business District
Centrally Planned Business District
Pop-Up
Kiosk
E-Commerce
Product, Price, Range, Assortment, and Space are all parts of a retail merchandise plan. Which of these is the most limited part of the plan? Explain.
Space.
There is only so much physical space in a store and on a e-commerce site before it becomes cluttered and difficult for the customer to use/enjoy the shopping experience.
Name 4 DIFFERENT types of promotions that retailers can do to increase sales.
Discounts
Giveaways
Samples
Free Shipping
Flash Sales
Holiday Sales
Price Match
Loyalty Points
Explain the role dependability and accountability in retail careers/jobs.
2 people from your team must act out a good customer service interaction using skills we learned in class this semester.
Balance Sheet: Assets-Liabilities=Equity
Income Statement: Revenue-Expenses=Profit/Loss/Break Even
What does it mean to markup a product? What does it mean to markdown a product? In which scenarios would a retailer markup/markdown a product?
Markup: the amount added to the cost price of goods to cover overhead expenses and allow for a profit.
Markdown: Also known as a discount. Discounting a product in order to try and recoup purchasing costs-avoid a loss-try to breakeven.
Name and describe the 4 categories of market segmentation. What is the purpose of market segmentation?
Geographics:
Demographics:
Psychographics:
Buying Characteristics/Behavioral:
Market Segmentation:
Name the 6 parts of a retail store manager's hiring process.
Hiring
Onboarding
Employee Training
Employee Retention
Employee Incentive Programs