Retail Product Cycle
How do you calculate gross profit?
a. Revenue – COGS (Cost of Goods Sold)
b. Revenue – COGS (Cost of Goods Sold) – Operating Expenses
c. Expenses + Markup
d. Number of Products Sold * Selling Price
What is Revenue - COGS (Cost of Goods Sold)
Which of the following can decrease customer satisfaction?
a. Value for the dollar
b. A clean, safe, and easy-to-shop location
c. Long wait times at checkout
d. A good assortment of products and services
What is long wait times at checkout.
What term describes the physical goods that are bought and sold?
A. Retail
B. Products
C. Items
D. Commerce
What are products
What term describes the actions taken to ensure that both customers and employees are protected from injury and illness, such as maintaining clean floors?
What is workplace safety.
Who is responsible for unloading incoming pallets of product from manufacturers?
a. Logistics
b. Picking
c. Packing
d. Inbound
What is inbound.
Who is responsible for the production of finished products?
a. Buyer
b. Distributor
C. Seller
D. Manufacturer
What is Manufacturer.
What types of questions typically require more detailed answers rather than a simple “yes” or “no”?
What is open-ended questions.
Imagine you’re training a new salesperson and want to ensure they succeed in their role. Which of the following skills would be most beneficial for them?
a. Spending the time needed with customers
b. Quickness and accuracy
c. Active listening and communication
d. Knowing your customers backward and forwards
What is Active listening and communication.
What is the inventory term that describes the ability to scan large volumes of inventory or tagged items at a time?
a. Retail Finding Identification
b. Retail Federation Identification
c. Retail Frequency Identification
d. Radio Frequency Identification
What is radio frequency identification.
Companies measure whether they’re reaching sales goals using KPIs which stands for:
a Key Professional Indices
b. Key Performance Indicators
c. Key Partnering Indicators
d. Key Performance Initials
What is Key Performance Indicators
What are the steps in the retail product cycle?
a. 1. Greet 2. Listen 3. Understand 4. Respond 5. Deliver
b. Ask for permission 2. Wait for permission 3. Greet 4. Thank, 5. Re-engage
c. Define the problem 2. Identify solutions 3. Choose a solution 4. Take action
d. Selection 2. Allocation 3. Distribution 4. Selling 5. Markdowns
What is Greet, listen, understand, respond, deliver.
Which of the following contributes to a negative impression of a brand?
a. Spending a little more time with customers
b. Finding a way to go an extra step for the customer
c. Inconsistent attributes and behaviors
d. Knowing your customers backwards and forwards
What are inconsistent attributes and behaviors.
Marketing programs that track purchase history, personal information and preferences and provide incentives to loyal, repeat customers are called:
a. Customer apps
b. Loyalty programs
c. Marketing tricks
d. Tracking systems
What is loyalty programs.
What is an example of a preventable loss?
a. Putting old items on sale
b. Employee theft
c. Locking the store doors
d. Contacting customers when they lose items in the store
What is employee theft.
Retailers use technology in stores and online to:
a. Limit product selection
b. Monitor all the places they are shopping
c. Prevent customers from shopping
d. Make tasks easier and faster to complete for employees and customers
What is make tasks easier and faster to complete for employees and customers.
Where it’s crucial to regularly update inventory and adjust product offerings to meet customer demand, what is the cycle called that involves regularly updating inventory and adjust product offerings?
a. Customer service
b. The retail product cycle
c. Clearance
d. Telemarketing
What is The retail product cycle.
It is always important to greet the customer:
a. Whenever you see them
b. Within approximately 5 minutes
c. When they greet you first
d. Within 30 seconds
What is within 30 seconds.
What is the practice of recommending additional items that complement a customer’s purchase, such as recommending shoe cleaner with new leather shoes, called?
a. Mixed selling
b. Upselling
c. Cross-selling
d. Opportunity selling
What is cross selling.
When working on a ladder, what’s one thing you need to avoid in order to prevent falling?
a. Facing the ladder as you climb up and down
b. Standing on top of the ladder
c. Having a peer hold the ladder while you’re climbing to make sure it’s stable
d. Making sure the ladder is in its locked position before use.
What is standing on top of the ladder.
Which department collects, stores and processes data and information used in the checkout process as well as in inventory management and data collection?
a. Finance
b. Information Technology (IT)
c. Human Resources
d. Visual Merchandising
What is information technology (IT)
In a retail shoe business, what term describes the process of distributing new shipments of sneakers from the manufacturer to various store locations?
a. Receiving
b. Refreshing
c. Updating
d. Allocation
What is allocation.
What is the first step in the Customer Loyalty Life Cycle?
a. The customer considers different purchase options
b. The customer has a want or need
c. The customer likes or does not like their store on online experience
d. The customer chooses a buying option – either at a store or online
What is the customer has a want or need.
What are QR codes?
a. Technology used to electronically display digital images, video, web pages, and text
b.Software applications designed to run on small wireless devices such as smartphones, tablets or smartwatches
c. A website that represents a retailer on the internet
d. Specialized barcodes that contain product or store information
What are Specialized barcodes that contain product or store information.
In a grocery store, what term describes the length of time that a carton of milk remains fresh and suitable for consumption?
a. Expiration
b. Shelf life
c. Inventory
d. Life cycle
What is shelf life.
What are product categories?
a. The differences between products at fulfillment centers
b. Customer preferences
c. Types of merchandise and services that are organized together in groups
d. Different sizes of products
What are types of merchandise and services that are organized together in groups.