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Questions and Answers
What is the Universal Product Code (UPC)?
What is the definition of upselling?
What is the role of a wholesaler?
What is the definition of worth in retail?
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What is the purpose of visual merchandising in retail?
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What is the definition of warranty in retail?
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What is the purpose of temporary employment in retail?
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What is the definition of revolving credit in retail?
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What do self-checkouts in retail allow customers to do?
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What does the SMART goal system stand for?
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What is the definition of a social media influencer?
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What do point-of-sale (POS) systems in retail primarily do?
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What is the purpose of service recovery in retail?
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What are private-label products in retail?
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What is the definition of layaway in retail?
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What is the role of loss prevention in retail?
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What defines a loyal customer in the retail context?
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What are loyalty programs in retail designed to do?
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What is the role of a manufacturer in the retail industry?
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What do mobile apps in retail primarily enable customers to do?
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What is omnichannel retailing focused on achieving?
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What is the definition of cross-selling?
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What does data privacy involve for a retailer?
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What is the definition of discrimination in a retail context?
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What is the purpose of digital signage for retailers?
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What does at-will employment entail?
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What is the definition of brand promise?
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What is the role of a distribution channel in retail?
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What is the definition of credit in a retail context?
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What is demographic data used for in retail?
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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.