NRF Test Questions with Correct Answers

NRF Test Questions with Correct Answers Off price retailers - Answer-Offer brand name merchandise at a discount (typically excess inventory, closeouts, and irregular items) Close out stores - Answer-Offer brand name merchandise at significantly lower price than manufacturer outlet stores - Answer-Off price store; owned by the manufacturer Pure play - Answer-Retailers started online and continue to do business that way Wholesale club - Answer-Sell products directly to customers (typically require a membership- Sams club) Independent establishment - Answer-Single store, or small regional chain Corporate chain - Answer-A company that owns multiple stores under common ownership/ centralized decisions Franchise - Answer-License granted to another party to market a company's goods or services in a particular territory Bricks and mortar - Answer-The presence of a physical store front (face to face) E- Commerce - Answer-Buying and selling through the internet Multichannel - Answer-Retail operations offered through multiple connected channels (brick and mortar, E-commerce, etc) Omnichannel - Answer-Similar to multichannel, but with the focus on creating a seamless customer experience through any and all shopping channels