Promotions & Sales Strategies
A customer buys two shirts and gets a third one free. What type of promotion is this?
Multi buy/ Buy one get one free
What is the process of reviewing performance against a plan in retail called?
Audit
What do you call the smallest unit of product identification in retail?
stock- keeping unit
What system is used to manage a retailer’s interactions and relationships with customers?
Customer Relationship Management
What short-term retail setup can be found at malls or parks for a limited period?
You receive a free comb when buying a shampoo and hair oil. What promotion technique is used here?
Mix and match
Which term means reducing all stock to zero, often to clear old inventory?
Stock clearance
Which visual tool shows where every item should be placed on a store shelf?
Plan - O- Gram
What metric tells you how many store visitors made a purchase?
Conversion rate
What is the process of shopping via smartphones called?
Mobile Shopping
What is it called when a store offers a 5% discount for purchases above $2000?
Threshold Promotion
What term describes the act of refilling stock when it goes below the minimum required level?
Replenishment
The breadth and depth of a retailer's product range is known as?
Merchandise Mix
What do you call a specific group of consumers based on shared characteristics?
Market Segment
What type of retail focuses on speed and convenience, like drive-through stores?
High-Speed Retail
A limited-time sale that typically lasts only a few hours or a day is known as?
Flash sale
What is the term for losses in inventory due to theft, errors, or fraud?
Shrinkage
A free-standing shelving unit used to display products is called?
Which retail strategy focuses on building loyalty and long-term relationships with customers?
Relationship Retailing
A mix of online and offline retail experiences, like in-store pickup for online orders, is known as?
Omnichannel Retailing
What term is used when a store conducts a seasonal offer event like “Festival Offer”?
Simple promotion
Which document does a retailer send to a supplier to officially request products?
Purchase order
What term describes the overall exterior design and appearance of a retail store?
Store Fascade
Which term refers to your ideal customer group that your business is trying to attract?
Target Market
What is the retail term for selling goods online via e-commerce platforms?
Etail