NRF Foundation: Rise Up Certification Review Questions And
Answers Wit Verified Solutions
1. retail process of selling products and/or services to earn a profit
2. retailer a business or person that sells products and/or services to customers
3. customers people who purchase goods or services from a business
4. products (also called merchandise) are physical goods that are bought and sold
5. services intangible transactions such as lawn mowing, hair care, etc.
6. retail ecosystem interconnected system of approaches designed to meet the goal of
retailing. It's providing customers with the experience they want and
need.
7. multichannel multiple buying options, but they are all separate. For example, what is
re- tailing available online is not available in-store.
8. omnichannel multiple buying options that are all interconnected. For example, buying
re- tailing an item online and picking it up at the store.
9. manufacturer produce finished products
10. wholesaler purchases large quantities from the manufacturer and sells smaller
amounts to retailers
11. independen Typically, a single store, online site, or small regional chain. 95% of retailers
t have just one location. Most businesses in the US are under this type
ownership of ownership
12. Corporations a business owned by shareholders through publicly traded stock.
Centralized
decision making for all of it's multiple locations
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13
, NRF Foundation: Rise Up Certification Review Questions And
Answers Wit Verified Solutions
13. Private Company Ownership is limited to a single or small group of investors (not run by
sharehold- ers). Can be a large company with multiple locations
14. Franchise
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13
Answers Wit Verified Solutions
1. retail process of selling products and/or services to earn a profit
2. retailer a business or person that sells products and/or services to customers
3. customers people who purchase goods or services from a business
4. products (also called merchandise) are physical goods that are bought and sold
5. services intangible transactions such as lawn mowing, hair care, etc.
6. retail ecosystem interconnected system of approaches designed to meet the goal of
retailing. It's providing customers with the experience they want and
need.
7. multichannel multiple buying options, but they are all separate. For example, what is
re- tailing available online is not available in-store.
8. omnichannel multiple buying options that are all interconnected. For example, buying
re- tailing an item online and picking it up at the store.
9. manufacturer produce finished products
10. wholesaler purchases large quantities from the manufacturer and sells smaller
amounts to retailers
11. independen Typically, a single store, online site, or small regional chain. 95% of retailers
t have just one location. Most businesses in the US are under this type
ownership of ownership
12. Corporations a business owned by shareholders through publicly traded stock.
Centralized
decision making for all of it's multiple locations
1/
13
, NRF Foundation: Rise Up Certification Review Questions And
Answers Wit Verified Solutions
13. Private Company Ownership is limited to a single or small group of investors (not run by
sharehold- ers). Can be a large company with multiple locations
14. Franchise
2/
13
