Retail and The Retail Product Cycle
A person or company who sells good and/or services to a customer is called a:
Retailer
Name the type of question that cannot reasonably be answered with “yes” or “no” ?
Open-Ended Question
The number of units in each transaction is called:
Units per transaction
The measurement of how happy the customer is with their shopping experience with a retailer is called:
Customer Satisfaction
Name two songs from Beyonce's Renaissance album
I'M THAT GIRL, COZY, ALIEN SUPERSTAR, CUFF IT, ENERGY, BREAK MY SOUL, CHURCH GIRL, PLASTIC OFF THE SOFA, VIRGO'S GROOVE, MOVE, HEATED, THIQUE, ALL UP IN YOUR MIND, AMERICA HAS A PROBLEM, PURE/HONEY, SUMMER RENAISSANCE
The term means to move products from one location to another:
Allocation
Name the type of question that is designed to elicit a “yes” or “no” answer.
Close-Ended Question
The company's goal is to earn $5 profit for every sale that's made in its stores. Which key performance indicator can be used to measure the results of this goal?
Profit made per sale
How long should it take you to greet a customer when they come in your store?
30 Seconds
How many kids does NBA Youngboy have?
7
In the retail product cycle, what step comes after the distribution of products?
Selling
Name the term best describes hearing and understanding what a speaker is saying out loud and any messages suggested behind the words.
Active Listening
A customer makes a purchase and their transaction total is $23.47. The customer pays with $40.00 in cash. How much change should they receive?
$16.53
After one negative experience, approximately what percentage of people say they will never do business with that company again?
50%
Name two housewives from the Real Housewives of Atlanta?
Nene, Pheadra, Kenya, Kandi, Cynthia
The period key term in retail for a period of time that an item remains usable, or fit for consumption:
Shelf-Life
Occurs when it is explained to the customer an extra value that's not in the product he or she is considering with the goal of addressing a customer's need.
Upselling
Companies measure whether they're reaching sales goals using KPI's, also called:
Key Performance Indicators
Name the term for the overall impression gathered from information that is seen, heard, and experienced by customers who encounter a business, its products, and its services.
Company Brand
What University does Lil Wayne have a college degree from?
University of Houston
Name the five steps of the Retail Product Cycle in order:
1. Selection, 2. Allocation, 3. Distribution 4. Selling 5. Markdowns
Recommending additional items that compliment a customer's purchase, such as shoe cleaner to go with new leather shoes is called:
Cross Selling
Which key performance indicator can be used to measure whether all employees in the company are reaching their sales goals?
Name three steps in the customer loyalty life cycle: