30 Questions
What is the Universal Product Code (UPC)?
A barcode containing specific product information
What is the definition of upselling?
Highlighting or revealing extra value of a product to the customer
What is the role of a wholesaler?
Buying large quantities of products directly from the manufacturer
What is the definition of worth in retail?
The satisfaction that the customer feels after obtaining/experiencing the purchased product or service
What is the purpose of visual merchandising in retail?
Promoting through engaging visual displays
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
What is the purpose of temporary employment in retail?
Employment that is meant to last for a designated period of time
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
What do self-checkouts in retail allow customers to do?
Scan, pack, and pay for merchandise without a store cashier's assistance
What does the SMART goal system stand for?
Specific, Measurable, Achievable, Results-oriented, Time-based
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
What do point-of-sale (POS) systems in retail primarily do?
Track items sold, process sales, hold cash, and generate receipts
What is the purpose of service recovery in retail?
Address a service failure and turn the negative experience into a positive one
What are private-label products in retail?
Developed by manufacturers and sold under another brand name, available only at a specific retailer's stores
What is the definition of layaway in retail?
A service allowing customers to make a deposit on merchandise and pay the rest over time
What is the role of loss prevention in retail?
Reducing waste, breakage, or theft and increasing safety
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
What are loyalty programs in retail designed to do?
Provide incentives to repeat customers who are loyal company brand shoppers
What is the role of a manufacturer in the retail industry?
Entity that produces finished products
What do mobile apps in retail primarily enable customers to do?
Purchase merchandise, view promotions, and more
What is omnichannel retailing focused on achieving?
Creating a seamless consumer experience by integrating multiple channels of a retail ecosystem
What is the definition of cross-selling?
Recommending additional products that complement a customer's purchase
What does data privacy involve for a retailer?
Ensuring customers' personal data shared with a retailer is kept private
What is the definition of discrimination in a retail context?
Unfair treatment based on various factors such as race, gender, age, and disability
What is the purpose of digital signage for retailers?
To display digital content, attract customers, and provide information
What does at-will employment entail?
Employment subject to termination by an employer at any time for any reason, except for illegal discrimination
What is the definition of brand promise?
An extension of the company brand reflecting the benefit of doing business with them
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
What is the definition of credit in a retail context?
An agreement allowing consumers to obtain products and services without immediate payment
What is demographic data used for in retail?
To quantify information used to determine customer behavior
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.
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.
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