NRF Foundation: Rise Up
Certification Review
retail - answers-process of selling products and/or services to earn a profit
retailer - answers-a business or person that sells products and/or services to customers
customers - answers-people who purchase goods or services from a business
products - answers-(also called merchandise) are physical goods that are bought and
sold
services - answers-intangible transactions such as lawn mowing, hair care, etc.
retail ecosystem - answers-interconnected system of approaches designed to meet the
goal of retailing. It's providing customers with the experience they want and need.
multichannel retailing - answers-multiple buying options, but they are all separate. For
example, what is available online is not available in-store.
omnichannel retailing - answers-multiple buying options that are all interconnected. For
example, buying an item online and picking it up at the store.
manufacturer - answers-produce finished products
wholesaler - answers-purchases large quantities from the manufacturer and sells
smaller amounts to retailers
independent ownership - answers-Typically, a single store, online site, or small regional
chain. 95% of retailers have just one location. Most businesses in the US are under this
type of ownership
Corporations - answers-a business owned by shareholders through publicly traded
stock. Centralized decision making for all of its multiple locations
Private Company - answers-Ownership is limited to a single or small group of investors
(not run by shareholders). Can be a large company with multiple locations
Franchise - answers-a license is granted to another entity to retail a company's products
or services in a particular area; consistency in the customer experience is crucial
, Retail supports 1 in ______ American Jobs - answers-4
Teens - answers-The retail industry is the largest employer of this age group.
Retail Product Cycle - answers-This cycle includes the following steps: selection,
allocation, distribution, selling, markdowns
selection - answers-getting the right products and services to the right place at the right
time for customers to purchase
allocation - answers-the process of distributing merchandise to a retailer's locations.
The larger the retailer, the more complicated it can be.
distribution - answers-the process of taking products from warehouse and distribution
centers to stores to be sold to customers
On-hand Inventory - answers-The products or merchandise that retailers have in their
retail locations to sell.
Total Inventory/Retail Inventory - answers-The complete listing of all the merchandise a
retailer owns. It is usually the amount of merchandise owned throughout the retailer's
entire enterprise.
safety stock - answers-Excess inventory that is kept on hand in case customers buy
more than the company estimated before the next shipment arrives
shelf life - answers-the amount of time that an item remains usable or salable.
company brand - answers-the overall impression gathered by what is seen, heard, and
experienced by customers
brand promise - answers-the extension of a company brand and why you would benefit
from doing business with them instead of their competitors.
company culture - answers-the unique way that an organization's employees interact
with each other and with customers
open-ended questions - answers-questions which invite the person you are speaking to
to provide details about what they want or need
closed-ended questions - answers-questions which restrict the person you are speaking
to to answer with a "yes" or "no."
Loyalty Program - answers-program which offers extra benefits to customers who enroll.
Examples: Kroger Plus Card, MPerks, Target Circle Rewards
Certification Review
retail - answers-process of selling products and/or services to earn a profit
retailer - answers-a business or person that sells products and/or services to customers
customers - answers-people who purchase goods or services from a business
products - answers-(also called merchandise) are physical goods that are bought and
sold
services - answers-intangible transactions such as lawn mowing, hair care, etc.
retail ecosystem - answers-interconnected system of approaches designed to meet the
goal of retailing. It's providing customers with the experience they want and need.
multichannel retailing - answers-multiple buying options, but they are all separate. For
example, what is available online is not available in-store.
omnichannel retailing - answers-multiple buying options that are all interconnected. For
example, buying an item online and picking it up at the store.
manufacturer - answers-produce finished products
wholesaler - answers-purchases large quantities from the manufacturer and sells
smaller amounts to retailers
independent ownership - answers-Typically, a single store, online site, or small regional
chain. 95% of retailers have just one location. Most businesses in the US are under this
type of ownership
Corporations - answers-a business owned by shareholders through publicly traded
stock. Centralized decision making for all of its multiple locations
Private Company - answers-Ownership is limited to a single or small group of investors
(not run by shareholders). Can be a large company with multiple locations
Franchise - answers-a license is granted to another entity to retail a company's products
or services in a particular area; consistency in the customer experience is crucial
, Retail supports 1 in ______ American Jobs - answers-4
Teens - answers-The retail industry is the largest employer of this age group.
Retail Product Cycle - answers-This cycle includes the following steps: selection,
allocation, distribution, selling, markdowns
selection - answers-getting the right products and services to the right place at the right
time for customers to purchase
allocation - answers-the process of distributing merchandise to a retailer's locations.
The larger the retailer, the more complicated it can be.
distribution - answers-the process of taking products from warehouse and distribution
centers to stores to be sold to customers
On-hand Inventory - answers-The products or merchandise that retailers have in their
retail locations to sell.
Total Inventory/Retail Inventory - answers-The complete listing of all the merchandise a
retailer owns. It is usually the amount of merchandise owned throughout the retailer's
entire enterprise.
safety stock - answers-Excess inventory that is kept on hand in case customers buy
more than the company estimated before the next shipment arrives
shelf life - answers-the amount of time that an item remains usable or salable.
company brand - answers-the overall impression gathered by what is seen, heard, and
experienced by customers
brand promise - answers-the extension of a company brand and why you would benefit
from doing business with them instead of their competitors.
company culture - answers-the unique way that an organization's employees interact
with each other and with customers
open-ended questions - answers-questions which invite the person you are speaking to
to provide details about what they want or need
closed-ended questions - answers-questions which restrict the person you are speaking
to to answer with a "yes" or "no."
Loyalty Program - answers-program which offers extra benefits to customers who enroll.
Examples: Kroger Plus Card, MPerks, Target Circle Rewards
