NRF Foundation: Rise Up Certification
Review
independent ownership - CORRECT ANSWER-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 - CORRECT ANSWER-a business owned by shareholders through
publicly traded stock. Centralized decision making for all of it's multiple locations
Private Company - CORRECT ANSWER-Ownership is limited to a single or small group
of investors (not run by shareholders). Can be a large company with multiple locations
Franchise - CORRECT ANSWER-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 - CORRECT ANSWER-4
Teens - CORRECT ANSWER-The retail industry is the largest employer of this age
group.
Retail Product Cycle - CORRECT ANSWER-This cycle includes the following steps:
selection, allocation, distribution, selling, markdowns
selection - CORRECT ANSWER-getting the right products and services to the right
place at the right time for customers to purchase
allocation - CORRECT ANSWER-the process of distributing merchandise to a retailer's
locations. The larger the retailer, the more complicated it can be.
distribution - CORRECT ANSWER-the process of taking products from warehouse and
distribution centers to stores to be sold to customers
On-hand Inventory - CORRECT ANSWER-The products or merchandise that retailers
have in their retail locations to sell.
Total Inventory/Retail Inventory - CORRECT ANSWER-The complete listing of all the
merchandise a retailer owns. It is usually the amount of merchandise owned throughout
the retailer's entire enterprise.
, retail - CORRECT ANSWER-process of selling products and/or services to earn a profit
retailer - CORRECT ANSWER-a business or person that sells products and/or services
to customers
customers - CORRECT ANSWER-people who purchase goods or services from a
business
products - CORRECT ANSWER-(also called merchandise) are physical goods that are
bought and sold
services - CORRECT ANSWER-intangible transactions such as lawn mowing, hair care,
etc.
retail ecosystem - CORRECT ANSWER-interconnected system of approaches
designed to meet the goal of retailing. It's providing customers with the experience they
want and need.
multichannel retailing - CORRECT ANSWER-multiple buying options, but they are all
separate. For example, what is available online is not available in-store.
omnichannel retailing - CORRECT ANSWER-multiple buying options that are all
interconnected. For example, buying an item online and picking it up at the store.
manufacturer - CORRECT ANSWER-produce finished products
wholesaler - CORRECT ANSWER-purchases large quantities from the manufacturer
and sells smaller amounts to retailers
safety stock - CORRECT ANSWER-Excess inventory that is kept on hand in case
customers buy more than the company estimated before the next shipment arrives
shelf life - CORRECT ANSWER-the amount of time that an item remains usable or
salable.
company brand - CORRECT ANSWER-the overall impression gathered by what is
seen, heard, and experienced by customers
brand promise - CORRECT ANSWER-the extension of a company brand and why you
would benefit from doing business with them instead of their competitors.
company culture - CORRECT ANSWER-the unique way that an organization's
employees interact with each other and with customers
Review
independent ownership - CORRECT ANSWER-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 - CORRECT ANSWER-a business owned by shareholders through
publicly traded stock. Centralized decision making for all of it's multiple locations
Private Company - CORRECT ANSWER-Ownership is limited to a single or small group
of investors (not run by shareholders). Can be a large company with multiple locations
Franchise - CORRECT ANSWER-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 - CORRECT ANSWER-4
Teens - CORRECT ANSWER-The retail industry is the largest employer of this age
group.
Retail Product Cycle - CORRECT ANSWER-This cycle includes the following steps:
selection, allocation, distribution, selling, markdowns
selection - CORRECT ANSWER-getting the right products and services to the right
place at the right time for customers to purchase
allocation - CORRECT ANSWER-the process of distributing merchandise to a retailer's
locations. The larger the retailer, the more complicated it can be.
distribution - CORRECT ANSWER-the process of taking products from warehouse and
distribution centers to stores to be sold to customers
On-hand Inventory - CORRECT ANSWER-The products or merchandise that retailers
have in their retail locations to sell.
Total Inventory/Retail Inventory - CORRECT ANSWER-The complete listing of all the
merchandise a retailer owns. It is usually the amount of merchandise owned throughout
the retailer's entire enterprise.
, retail - CORRECT ANSWER-process of selling products and/or services to earn a profit
retailer - CORRECT ANSWER-a business or person that sells products and/or services
to customers
customers - CORRECT ANSWER-people who purchase goods or services from a
business
products - CORRECT ANSWER-(also called merchandise) are physical goods that are
bought and sold
services - CORRECT ANSWER-intangible transactions such as lawn mowing, hair care,
etc.
retail ecosystem - CORRECT ANSWER-interconnected system of approaches
designed to meet the goal of retailing. It's providing customers with the experience they
want and need.
multichannel retailing - CORRECT ANSWER-multiple buying options, but they are all
separate. For example, what is available online is not available in-store.
omnichannel retailing - CORRECT ANSWER-multiple buying options that are all
interconnected. For example, buying an item online and picking it up at the store.
manufacturer - CORRECT ANSWER-produce finished products
wholesaler - CORRECT ANSWER-purchases large quantities from the manufacturer
and sells smaller amounts to retailers
safety stock - CORRECT ANSWER-Excess inventory that is kept on hand in case
customers buy more than the company estimated before the next shipment arrives
shelf life - CORRECT ANSWER-the amount of time that an item remains usable or
salable.
company brand - CORRECT ANSWER-the overall impression gathered by what is
seen, heard, and experienced by customers
brand promise - CORRECT ANSWER-the extension of a company brand and why you
would benefit from doing business with them instead of their competitors.
company culture - CORRECT ANSWER-the unique way that an organization's
employees interact with each other and with customers
