Retail Basics
What is the definition of retailing?
What is the sale of goods and services to the public for consumption?
What retail channel goes directly from producer to consumer?
What is the Direct Channel?
Name the four stages of the retail business process.
What is Plan → Buy → Move → Sell?
What term refers to loss of inventory due to theft or error?
What is shrink?
What does ROI-focused selling mean?
What is showing the buyer a return on their investment?
Name two major types of retailers.
What are those that own their stores vs. those that license their brand?
Which channel includes a retailer between producer and consumer?
What is the Retail Channel?
Which area focuses on product sourcing, planning, and pricing?
What is Merchandise and Buying?
Name a key issue caused by poor labor planning.
What is high turnover or increased overtime?
What’s a key mindset behind outcome-based selling?
What is customer-centric, value-driven focus?
Put these in the correct supply chain order: Retailer, Manufacturer, Consumer, Supplier, Distributor.
What is Supplier → Manufacturer → Distributor → Retailer → Consumer?
What’s the difference between wholesale and retail channels?
What is wholesale includes a distributor, while retail connects directly with consumers?
What department manages accounting, financial planning, and investor relations?
What is Finance?
Which challenge involves modernizing systems and tech?
What is digital transformation?
Name a good opening question to ask a buyer.
What is “What are you doing today, and how is it affecting your operations?”
Name two types of multichannel retailing.
What are Brick & Mortar and E-Commerce (others include Mobile Commerce, Pop-up Stores, Online Marketplaces, Catalogs)?
What type of retailer uses more than one channel to sell?
What is a Multichannel Retailer?
This support function handles store development and leases.
What is Real Estate?
What’s one effect of shrinkage beyond lost goods?
What is increased cost or employee risk?
What is the role of the "economic buyer"?
What is the person who controls the budget or final approval?
This business process includes the steps: Plan → Buy → Move → Sell.
What is the Retail Business Process?
This umbrella term includes automation, analytics, and modernization efforts.
What is Digital Transformation?
Name three corporate support areas that help retail operations.
What are Finance, HR, IT, Marketing, Legal, or Real Estate?
Name three current retail challenges.
What are labor management, supply chain issues, and digital transformation?
Name two ways enterprise planning can impact retail operations.
What are improving merchandising, store operations, or supply chain performance?