Retail Industry Glossary Definitions Quiz

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Questions and Answers

What is the Universal Product Code (UPC)?

A code for product warranty
A code for temporary employment
A barcode containing specific product information (correct)
A code for visual merchandising

What is the definition of upselling?

Repairing or replacing specific products under warranty
Highlighting or revealing extra value of a product to the customer (correct)
Buying large quantities of products directly from the manufacturer
Promoting through engaging visual displays

What is the role of a wholesaler?

Selling smaller amounts of products to different retailers
Buying large quantities of products directly from the manufacturer (correct)
Repairing or replacing specific products under warranty
Promoting products through engaging visual displays

What is the definition of worth in retail?

The satisfaction that the customer feels after obtaining/experiencing the purchased product or service (C) Signup and view all the answers

What is the purpose of visual merchandising in retail?

Promoting through engaging visual displays (C) Signup and view all the answers

What is the definition of warranty in retail?

A type of add-on service in which the manufacturer promises to repair or replace specific products for a specific period of time (A) Signup and view all the answers

What is the purpose of temporary employment in retail?

Employment that is meant to last for a designated period of time (C) Signup and view all the answers

What is the definition of revolving credit in retail?

A financing model where retailers offer a credit card to customers, usually connected to loyalty programs (C) Signup and view all the answers

What do self-checkouts in retail allow customers to do?

Scan, pack, and pay for merchandise without a store cashier's assistance (C) Signup and view all the answers

What does the SMART goal system stand for?

Specific, Measurable, Achievable, Results-oriented, Time-based (C) Signup and view all the answers

What is the definition of a social media influencer?

A user with credibility and access to a large audience who can persuade others based on recommendations (B) Signup and view all the answers

What do point-of-sale (POS) systems in retail primarily do?

Track items sold, process sales, hold cash, and generate receipts (D) Signup and view all the answers

What is the purpose of service recovery in retail?

Address a service failure and turn the negative experience into a positive one (A) Signup and view all the answers

What are private-label products in retail?

Developed by manufacturers and sold under another brand name, available only at a specific retailer's stores (A) Signup and view all the answers

What is the definition of layaway in retail?

A service allowing customers to make a deposit on merchandise and pay the rest over time (B) Signup and view all the answers

What is the role of loss prevention in retail?

Reducing waste, breakage, or theft and increasing safety (C) Signup and view all the answers

What defines a loyal customer in the retail context?

A shopper who repeatedly chooses to shop at the same retailer over others due to positive experiences (B) Signup and view all the answers

What are loyalty programs in retail designed to do?

Provide incentives to repeat customers who are loyal company brand shoppers (C) Signup and view all the answers

What is the role of a manufacturer in the retail industry?

Entity that produces finished products (D) Signup and view all the answers

What do mobile apps in retail primarily enable customers to do?

Purchase merchandise, view promotions, and more (B) Signup and view all the answers

What is omnichannel retailing focused on achieving?

Creating a seamless consumer experience by integrating multiple channels of a retail ecosystem (A) Signup and view all the answers

What is the definition of cross-selling?

Recommending additional products that complement a customer's purchase (B) Signup and view all the answers

What does data privacy involve for a retailer?

Ensuring customers' personal data shared with a retailer is kept private (C) Signup and view all the answers

What is the definition of discrimination in a retail context?

Unfair treatment based on various factors such as race, gender, age, and disability (A) Signup and view all the answers

What is the purpose of digital signage for retailers?

To display digital content, attract customers, and provide information (B) Signup and view all the answers

What does at-will employment entail?

Employment subject to termination by an employer at any time for any reason, except for illegal discrimination (D) Signup and view all the answers

What is the definition of brand promise?

An extension of the company brand reflecting the benefit of doing business with them (C) Signup and view all the answers

What is the role of a distribution channel in retail?

To facilitate the path through which a product travels from creation to reaching the customer (B) Signup and view all the answers

What is the definition of credit in a retail context?

An agreement allowing consumers to obtain products and services without immediate payment (A) Signup and view all the answers

What is demographic data used for in retail?

To quantify information used to determine customer behavior (C) Signup and view all the answers

Study Notes

Retail Glossary Definitions

Corporation: A business with publicly traded stock and centralized decision-making for multiple store locations.
Credit: An agreement allowing consumers to obtain products and services without immediate payment, promising to pay within a specific timeframe.
Cross-selling: Recommending additional products that complement a customer's purchase.
Data privacy: Processes ensuring customers' personal data shared with a retailer is kept private.
Demographic data: Quantifiable information used to determine customer behavior.
Digital signage: Technology used by retailers to display digital content, attract customers, and provide information.
Discrimination: Unfair treatment based on various factors such as race, gender, age, and disability.
Distribution channel: Path through which a product travels from creation to reaching the customer.
Exchange: Swapping one purchased item for another.
Active listening: The practice of hearing and understanding what a speaker is saying, including implied messages.
At-will employment: Employment subject to termination by an employer at any time for any reason, except for illegal discrimination.
Brand promise: An extension of the company brand reflecting the benefit of doing business with them.

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Description

Test your knowledge of retail industry terminology with this glossary definitions quiz. From "corporation" to "brand promise," see how well you understand key concepts in retail management, customer service, and business operations.