Rise Up NRF Foundation BOR flashcard #2-KT

Front

When is the BEST time to introduce a customer to additional service programs?

Back

After a purchase and customer satisfaction.

Front

What is the BEST way for a new pet grooming store to reach its target audience?

Back

Utilize social media, newspapers, and local partnerships to promote the store.

Front

What factors should be considered when setting a retail price for an online shop?

Back

Cost of products, website service fees, competitor's prices, and your desired profit margin.

Front

Who would be the direct competitor for a new shoe store in town? Options: Koh's, Walmart, Nike, Walgreens.

Back

Nike

Front

What pricing strategy is used when an item is priced at $29.99?

Back

Psychological pricing

Front

What is the term for companies that seek the same customer's money but offer products that meet different needs?

Back

indirect competitors

Front

Carefully choosing the right assortment of items to sell that meets the needs of customers and aligns with company brand is what marketing plan component?

Back

Product Assortment

Front

What are strategies used by retailers to make a product appealing, incentivize customers to purchase or generate sales called?

Back

Promotions

Front

What is Lucy creating when she determines products, pricing, location, and promotion for her lemonade shop?

Back

A business model

Front

A sales associate notices that several fragrance display tables have been empty well before the close of business for the past few days. Which solution would be most effective for ensuring that the product is visible at all times?

Back

Implement a regular restocking schedule for the fragrance displays. Place as much possible on the tables during stocking.