NRF customer service Exam with complete solutions

Brick- and-mortar - Answer- The presence of a physical storefront and face-to-face customer experience. Closeout stores - Answer- Off-price stores that offer an assortment of brand-name merchandise at a significant discount off the the manufacturer's price Commercial cue - Answer- Advertising message that impacts purchase decisions convenience stores - Answer- These stores aim at providing their customers a convenient shopping experience. These general merchandise stores are easily accessible, small in size, with quick shopping and easy checkout. corporate chain - Answer- A company that operates multiple stores under common ownership, and usually has centralized decision-making. Demographics - Answer- Quantifiable information about customer such as household size, income, education, occupation, and place of residence. Department stores - Answer- These stores offer good service and a broad variety and assortment of products of mid-to-high quality. Direct selling - Answer- Salespeople contact customers directly in a convenient location, often at a customer's home; demonstrate product benefits; take orders; and deliver the products or perform the services. Discount stores - Answer- These retailers offer a broad variety of merchandise, limited service, and low prices. Distribution channel - Answer- The chain of businesses through which a good or service passes until it reaches the end customer. Diverse shopper - Answer- This buyer is hard to predict or to understand. He shops in many different places and is not obviously influenced by any one retail element. E-commerce - Answer- Buying and selling through the internet via an electronic device Follower - Answer- This customer usually waits to see what the latest trends will be, and is reluctant to try new products until friends have done so and reported them Franchise - Answer- The license granted to another party to market a company's good and services in a particular territory. Gross domestic product - Answer- The monetary value of all the finished goods and services produced within a country annually. Impulse buyer - Answer- The person who makes quick purchase decisions. Independent establishment - Answer- Typically single store or a small, regional chain. Innovative customer - Answer- The buyer who wants to be the first to purchase and own the latest merchandise. Manufacture - Answer- Produces the product Multichannel - Answer- Retail operations with customer transactions possible through multiple connected channels Off-price retailers - Answer- Offer brand-name merchandise at a discount. The merchandise typically consists of excess inventory, closeouts, and irregulars. See also closeout stores and outlet stores Omnichannel - Answer- Similar to multichannel retailing, with the focus on creating a seamless consumer experience through any and all shopping channels. Outlet store - Answer- Off price stores that are owned by the manufacturer or retailer Physical cue - Answer- A physical need such as hunger or thirst that drives behavior Recreational shopper - Answer- This customer shops for fun, and therefore shopping does not necessarily mean always making a purchase. Retailer - Answer- Receives, stores, displays, and presents, the product to customers retailing - Answer- No matter what format it takes, retailing is the method by which consumers acquire products and services. Social cue - Answer- Decision making based on the suggestion or preference of a friend, colleague, or family member. Specialty stores - Answer- This segment focuses on deep but narrow assortment with a high level of customer service. Stimulus - Answer- A thing or event that causes a reaction. Supercenters - Answer- These stores typically combine a supermarket and a department store, resulting in a gigantic retail facility that carries an enormous range of products, from apparel to groceries to automotive supplies, all under one roof. Supermarkets - Answer- These stores sell a wide variety of goods including food, alcohol, and medicine Target market - Answer- A defined customer who has the need, desire, and ability to buy a retailer's products. Wholesale clubs - Answer- Wholesalers who sell products in bulk directly to consumers. These clubs typically require a me