Business of Retail Ch 1

Front

What is the role of a cashier in a retail environment?

Back

A cashier is responsible for processing customer transactions, handling payments, and providing customer service.

Front

What does PSI stand for in relation to tire pressure?

Back

PSI stands for 'Pounds per Square Inch', a unit of measurement for pressure.

Front

What is a key strategy for building customer loyalty in retail?

Back

Asking satisfied customers for feedback, referrals, and opportunities to serve their upcoming events.

Front

What is the express lane policy in retail?

Back

The express lane is typically designated for customers with a limited number of items, often 5 or less.

Front

What is a corporation in the context of business?

Back

A corporation is a business owned by shareholders through publicly traded stock, with centralized ownership and multiple locations.

Front

How should a cashier handle customers who exceed the express lane item limit?

Back

The cashier should enforce the express lane policy, which may involve asking customers to choose another lane.

Front

What is the importance of customer feedback in retail?

Back

Customer feedback helps businesses improve their services, products, and customer satisfaction.

Front

What is a franchise in the context of retail?

Back

A franchise is a business model where an individual or group operates a business under the brand and operational guidelines of a larger company.

Front

What is the significance of product reviews in retail?

Back

Product reviews provide insights into customer satisfaction and can influence purchasing decisions.

Front

What is the difference between a private company and a public corporation?

Back

A private company is owned by individuals or a small group, while a public corporation is owned by shareholders and traded on stock exchanges.