The period of time that an item can remain available for sale

Omnichannel Retailing

Customers have the opportunity to interact with multiple channels in the retail ecosystem, the use of technology, to create a seamless experience.

A large facility where manufacturers send products to be delivered to retailers

A business in the retail industry that sells a wide range of products in different departments

A business responsible for the production of finished products

The use of technology in store and online to make tasks easier and faster for employers and customers

The part of the body that should be used most when lifting: Keep items close to your body

Customer Service Process

The process of providing service to customers, starting with greeting the customer within 30 seconds

Connecting with Customers

Tips for establishing a connection with customers, such as greeting them within 30 seconds

Profit per Transaction

A key performance indicator that measures the amount of profit made per sale

Performance per Location

A key performance indicator that measures performance at each store location

The organization that oversees and controls workplace safety regulations

Key Performance Indicators

Metrics used to measure whether sales goals are being reached

The prevention of injury and illness to customers and employees: employees must be responsible when dealing with accidents

The process of setting the price of products by the retailer

The relationship between the availability of a product and the desire for that product

Customer Satisfaction

The level of satisfaction experienced by customers, which can be decreased by long wait times at checkout

A key performance indicator that measures the profit earned from each sale

The requirements set by OSHA to keep employees safe, including training on accident response

The process of managing and controlling a retailer's inventory

The functional area of a retail store that manages expenses and financial reporting

How a person thinks or feels about something, reflected in their behavior

Problem Solving Process

A series of steps to solve a problem, starting with defining the problem and ending with taking action

The step in the problem solving process that comes after choosing a solution

The functional area in a retail store that handles compliance with labor laws, recruiting, benefits, and employee relations

An acronym for setting goals that are Specific, Measurable, Achievable, Results-oriented, and Time-based

Time Management Skills

Skills that help manage time effectively, such as focusing and tuning out interruptions

Non Verbal Communication

Communication through hand and body movement, without using words

Responding to challenges with optimism, helpfulness, and encouragement

A broad, general, and written statement of a specific job

A team member who helps new associates and contributes to the team's success

Information Technology (IT)

The functional area in a retail store that collects, stores, and processes data

Marketing Programs that track purchase history, personal information, and preferences.

Company's goal is to earn $5 profit for every sale that's made in stores. Which key performance indicator used to measure the results?

During the selling process, you assess the needs of the customer by asking questions that get the customer to provide details about what they want or need.

Close-ended questions

Questions that can be answered in short or single word responses.

Phase 4-The customer likes or doesn't like their customer experience.

After purchasing a new car, a customer is satisfied with the service.

Phase 1-The customer has a need or want.

A customer visits Walmart for a new microwave.

Phase 2-The customer considers different buying options.

A customer has a need and checks online and in the store for the best price.

Phase 3-The customer chooses a buying option.

A customer has a need and checks online and in the store for the best price and decides to purchase online.

Selling additional products or services to an existing customer

Key information about a company's products and services and use it to help customers understand how these products and services meet their needs.

Retail Industry Concepts Flashcards

Student preview

74 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Products

Back

Items that are considered for sale in retail

2.

FLASHCARD QUESTION

Front

A Product

Back

A new refrigerator that is available for purchase

3.

FLASHCARD QUESTION

Front

Retailer

Back

A person or company that sells goods and/or services

4.

FLASHCARD QUESTION

Front

Wholesaler

Back

Buys large quantities of products from manufacturers and distributes to retailers

5.

FLASHCARD QUESTION

Front

Allocation

Back

The distribution of merchandise from the manufacturer to retailer

6.

FLASHCARD QUESTION

Front

Buyer

Back

A role in the retail industry responsible for selecting and purchasing products

7.

FLASHCARD QUESTION

Front

Picking

Back

When distribution team members use replenishment to select items for shipment

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