NRF Business Of Retail Chapter 1retail Industry Overview Test
Solved #1
1. Retail: the process of selling products and/or services to customers in order to earn a profit
2. Retailer: a business or person that sells products and/or services to customers
3. Customers: shoppers, those who purchase goods and services from a business
4. Products: merchandise, are physical goods that are bought and sold
5. Services: intangible (Can't be physically owned by the customer) transactions such as lawn
mowing, hair care, personal trainers
6. Retail ecosystem: An interconnected system of approaches for meeting the goal of retailing,
which is to provide customers with the merchandise and services they want- when, where, and
how they want to experience and purchase them.
7. Multichannel retailing: a retail model that offers customers the opportunity to interact with
the multiple options in their ecosystem. These may or may not be systemically connected to
each other.
8. Omnichannel retailing: a multichannel approach to sales that seeks to provide a seamless
shopping experience to customers whether they are shopping online from a desktop or mobile
device, by telephone, or in a brick-and-mortar store
9. Independent retailer: a retailer owned by a single person or partnership and not operated as
part of a larger retail institution
10.Corporation: A business that has shareholders through publicly traded stock, and usually
has centralized decision making for its multiple store locations
11.Private company: Even though ownership is typically limited to a single or small number of
owner investors, private businesses can be large companies with many retail locations and
centralized business operations.
12.Franchise: a company grants a license to another entity to market and sell its products or
services in a particular area; consistency in the customer experience across stores can be
challenging under this model
13.Distribution channel: the path through which products or services get to cus- tomers
14.Manufacturer: an entity that produces finished products
15.Wholesaler: An entity that buys large quantities of products directly from the
manufacturer and then sells smaller amounts of the products to different retailers
16.Customer service: the help, information and recommendations that company
representatives give people who explore or buy the company's products and/or services
17. Quality customer service: the delivery of a positive, memorable experience that is more
than what the customer expected
18.Total inventory: a complete listing of all the merchandise a retailer owns. Inven- tory may be
physically on-hand at a store or in a multi or omnichannel environment, located anywhere
throughout the ecosystem.
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Solved #1
1. Retail: the process of selling products and/or services to customers in order to earn a profit
2. Retailer: a business or person that sells products and/or services to customers
3. Customers: shoppers, those who purchase goods and services from a business
4. Products: merchandise, are physical goods that are bought and sold
5. Services: intangible (Can't be physically owned by the customer) transactions such as lawn
mowing, hair care, personal trainers
6. Retail ecosystem: An interconnected system of approaches for meeting the goal of retailing,
which is to provide customers with the merchandise and services they want- when, where, and
how they want to experience and purchase them.
7. Multichannel retailing: a retail model that offers customers the opportunity to interact with
the multiple options in their ecosystem. These may or may not be systemically connected to
each other.
8. Omnichannel retailing: a multichannel approach to sales that seeks to provide a seamless
shopping experience to customers whether they are shopping online from a desktop or mobile
device, by telephone, or in a brick-and-mortar store
9. Independent retailer: a retailer owned by a single person or partnership and not operated as
part of a larger retail institution
10.Corporation: A business that has shareholders through publicly traded stock, and usually
has centralized decision making for its multiple store locations
11.Private company: Even though ownership is typically limited to a single or small number of
owner investors, private businesses can be large companies with many retail locations and
centralized business operations.
12.Franchise: a company grants a license to another entity to market and sell its products or
services in a particular area; consistency in the customer experience across stores can be
challenging under this model
13.Distribution channel: the path through which products or services get to cus- tomers
14.Manufacturer: an entity that produces finished products
15.Wholesaler: An entity that buys large quantities of products directly from the
manufacturer and then sells smaller amounts of the products to different retailers
16.Customer service: the help, information and recommendations that company
representatives give people who explore or buy the company's products and/or services
17. Quality customer service: the delivery of a positive, memorable experience that is more
than what the customer expected
18.Total inventory: a complete listing of all the merchandise a retailer owns. Inven- tory may be
physically on-hand at a store or in a multi or omnichannel environment, located anywhere
throughout the ecosystem.
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2
