Retail Operations

What are retail operations?

• Processes that keep a retailer’s ecosystem running smoothly

• A type of marketing strategy

• A financial investment plan

• A customer service protocol.

Fill in the blank: The five significant retail operations categories are team, inventory, marketing, technology & tools, and ________.

• A) Sales

• B) Financials

• C) Customer Service

• D) Logistics

Which of the following is NOT a function of human resources?

• Recruiting and hiring employees

• Managing employee compensation and benefits

• Conducting employee orientation

• Designing marketing strategies

Fill in the blank: RFID stands for ______.

• Radio-frequency identification

• Rapid frequency identification

• Radio-frequent identification

• Rapid-frequent identification

What is the process of placing inventory on sales floor shelves, racks, or other displays to be sold called?

• Out-of-stock

• Stocking

• Inventory shrinkage

• Point-of-Sale System

When there are fewer items in stock than in the total inventory record, it is typically due to ______.

• Expired products

• Damage

• Theft

• All of the above

When inventory is ordered to replace products that have sold, this is called ______.

• Replenishment

• Overstock

• Backorder

• Shrinkage

Which of the following is the first step in the Store Inventory Life Cycle?

• A) Inventory is moved to the sales floor

• B) Inventory arrives at the store based on expected demand

• C) Customers shop inventory

• D) Inventory is purchased and leaves the store.

What is the goal of ordering in inventory management?

• To have excess inventory

• To have only necessary excess inventory in the stockroom

• To have no inventory

• To have maximum inventory

In inventory management, what must be verified during the receiving process?

• The merchandise received matches the items and quantities stated on the shipping documentation

• The merchandise is priced correctly

• The merchandise is placed on the sales floor

• The merchandise is returned to the supplier.