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RIF Test Prep Flashcards

1
Q

Retail

A

Is the process of selling products and/or services to customers to earn a profit.

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2
Q

Retailer

A

As a business or person that sells products and/or services to customers.

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3
Q

Customers

A

Or shoppers, are people who purchase goods or services from a business.

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4
Q

Products

A

Also called merchandise, are physical goods that are bought and sold, such as food, clothes, and household items.

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5
Q

Services

A

Are intangible (they can’t be physically owned by the customer) transactions, such as lawn mowing, hair care services and personal training.

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6
Q

Goal of Retail

A

To provide customers with the merchandise and services they want—when, where, and how they want to purchase them.

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7
Q

Buying

A

The branch of retail responsible for selecting and purchasing merchandise.

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8
Q

Selling

A

In retail, this refers to the sale of consumer goods, or final goods, by businesses to end consumers.

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9
Q

Which is not considered a good?
Bicycle
Helmet
Bike repair
New bike tires

A

Bicycle
Helmet
Bike repair
New bike tires

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10
Q

Which is not considered a service?
Personal training
Lawn mowing
Video streaming
Soccer ball

A

Which is not considered a service?
Personal training
Lawn mowing
Video streaming
Soccer ball

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11
Q

Multichannel Retailing

A

Employing multiple distribution channels that complement their brick-and-mortar stores with websites, catalogs, and apps where consumers can research products, read other buyers’ reviews, and make actual purchases. The different channels do not work together

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12
Q

Omnichannel Retailing

A

Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.

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13
Q

A popular store offers purchasing in-store and online. Items purchased online must be returned online, and items purchased in-store must be returned in-store. This is an example of:
Multichannel retailing
Omnichannel retailing
Mixed-channel retailing
Alternate-channel retailing

A

Multichannel retailing
Omnichannel retailing
Mixed-channel retailing
Alternate-channel retailing

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14
Q

A company whose stock is not traded on the stock market. Can be a large business with many locations (Meijer):
Independent retailer
franchise retailer
Corporation
Private

A

This retailer is a large company with many retail locations, but whose stock is not traded on the stock market:
Independent retailer
franchise retailer
Corporation
Private

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15
Q

A retailer owned by a single person or partnership and not operated as part of a larger retail institution:
Independent retailer
franchise retailer
Corporation
Private

A

This retailer is a owned by an individual–typically a single store or a small, regional chain:
Independent retailer
franchise retailer
Corporation
Private

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16
Q

A business that is owned by many investors:
Independent retailer
franchise retailer
Corporation
Private

A

This retailer is has shareholders through publicly-traded stock. It usually has centralized decision-making for its many locations:
Independent retailer
franchise retailer
Corporation
Private

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17
Q

A chain that is centrally managed but individually owned (e.g., McDonalds, Subway):
Independent retailer
franchise retailer
Corporation
Private

A

This retailer has a license granted to another entity to retail their products or services in a particular area:
Independent retailer
franchise retailer
Corporation
Private

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18
Q

Product Lifecycle

A
  1. Selection 2. Allocation 3. Distribution 4. Selling 5. Markdowns
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19
Q

Selection

A

Choosing the correct products to buy to sell in a store.

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20
Q

Product Categories

A

Types of merchandise organized into groups

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21
Q

Allocation

A

Distributing merchandise from the manufacturer to a retailer’s location, including stores, distribution center or other locations.

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22
Q

Distribution

A

Shipping items from a distribution center to replenish items that have been sold in the stores.

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23
Q

Difference between allocation and shipping

A

Allocation is deciding what should go where
Distribution is actually shipping it there

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24
Q

Distribution Centers (DC)

A

A warehouse that receives merchandise from multiple vendors and distributes it to multiple stores.

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25
Departments in DC
Logistics, Inbound, Picking, Packing, Outbound, Facilities and Maintenance
26
Selling
Provides customers with the goods and services they want.
27
Markdowns
Price reductions such as discounts, sale prices and specials to help increase profits for the short term.
28
Quality Customer Service
Delivering a positive, memorable experience that is more than what the customer expected.
29
Customer Service
Help, information and recommendations that company representatives give people who explore or buy its products.
30
Customer Satisfaction
The measure of how happy a customer is with a specific transaction and their overall experience.
31
Customer Loyalty Life Cycle
1- Customer has want or need 2- Customer considers different purchase options 3- Customer chooses a buying option (instore or online) 4- Customer either likes or dislikes experience 5- Customer has a good customer service experience and purchases from the retailer again 6- Customer tells others about the good experience and becomes a loyal shopper
32
Customer Service Process
1- Greet 2- Listen 3- Understand 4- Respond 5-Deliver
33
Open-Ended Questions
Questions that cannot be answered with "yes" or "no."
34
Close-Ended Questions
Questions that can be answered with "yes" or "no."
35
Which type of questions should you ask to assess the customer's needs? Open-ended questions Close-ended questions
Open-Ended Questions
36
Disruptions to the Customer Loyalty life Cycle
Employees deliver poor customer service Competitors offer better products, services, or prices An online site or app is difficult to use Supply chain issues Product quality lower than expected Customers may tell others about bad experiences.
37
Key Performance Indicators (KPI)
Measures that indicate if goals are met (ex: sales, average dollars spent).
38
Total Transactions
The number of transactions processed.
39
Units Per Transaction
Total number of items within each transaction.
40
Average Sale
Total number of all sales divided by number of transactions.
41
Sales Per Hour
Measure of hourly sales productivity.
42
Key Performance Indicators (KPI)
Measures that indicate if goals are met (ex: sales, average dollars spent).
43
Total Transactions
The number of transactions processed.
44
Units Per Transaction
Total number of items within each transaction.
45
Average Sale
Total number of all sales divided by number of transactions.
46
Sales Per Hour
Measure of hourly sales productivity.
47
Preventable Loss
A cost caused by deliberate or unintentional human actions.
48
Non-Electronic Ink Tags
A type of anti-theft device that's attached directly to clothing items. When they are removed without the proper tool, ink is released and can ruin the clothing.
49
RFID
Radio Frequency Identification: System of tags which contain data that can be read from a distance using radio waves.
50
EAS
Electronic article surveillance that cause alarms to sound if not deactivated by the cashier.
51
Wardrobing
Wearing an expensive item once for an event and then returning it for a full refund.
52
Receipt Fraud
A type of refund fraud in which the thief finds discarded receipts, then looks for items that match the items on the receipt from the store and attempts to return them.
53
Switch Fraud
A type of refund fraud in which a customer purchases a new item and then returns a damaged or broken identical item.
54
Package switching
This fraudulent activity occurs when a thief takes a lower-priced item out of a package and replaces it with a higher-priced item.
55
Americans with Disabilities Act
Passed by Congress in 1991, this act banned discrimination against the disabled in employment and mandated easy access to all public and commercial buildings.
56
Fair Labor Standards Act
A law that established employment standards that employers must follow, like limits on hours per week, child labor laws, and mandatory breaks.
57
Family and Medical Leave Act
Provides eligible employees with unpaid, job-protected leave for certain family or medical conditions.
58
Off-the-Clock Work
According to U.S. federal law, hourly employees are not allowed to work without being paid.
59
Whistleblower Protection Act
1989 law that protects federal employees from being punished for reporting workplace problems or misconduct.
60
Workers' Compensation
Health insurance plan providing treatment for workers injured on the job.
61
OSHA
Occupational Safety and Health Administration, a government agency in the Department of Labor to maintain a safe and healthy work environment.
62
Causes of Inventory shrinkage
expired products damage theft paperwork errors.
63
Item Cost
The amount of money paid by a retailer to the manufacturer or supplier for an item.
64
Cost of Goods Sold (COGS)
Direct costs associated with production of a product, including the raw materials used to make it and any labor costs.
65
Gross Profit
The difference between revenue and the costs of buying or producing the items sold.
66
Markup Pricing
A pricing strategy that involves applying a predetermined margin rate to the costs of all items in order to arrive at the price.
67
Net Profit
The difference between revenue and all expenses, including buying, producing, and operations; the total a company gains financially. Net Profit = Revenue - COGS - Operational Expenses
68
What are SMART goals?
A process to deelop quality goals Specific Measurable Achievable Relevant Time-bound
69
Which SMART goal element is missing from the goal? "You must stock 20 boxes of product onto the store shelves."
Specific Measurable Achievable Relevant Time-bound
70
Which SMART go element is missing from this goal? "You must sell a lot of items today."
Specific Measurable Achievable Relevant Time-bound

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