NRF Certification Test Latest Update Already Graded A

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NRF Certification Test Latest Update Already Graded A brick-and-mortar ✔✔the presence of a physical storefront and face-to-face customer experiences closeout stores ✔✔off-price stores that ... offer an assortment of brand-name merchandise at a significant discount off the manufacturer's price commercial cue ✔✔advertising message that impacts purchase decisions comparison shopper ✔✔the customer who spends time searching for the best price or deal on the item she is looking to purchase convenience stores ✔✔these stores aim at providing their customers a convenient shopping experience. the general merchandise stores are easily accessible, small in size, with quick shopping and easy checkout corporate chain ✔✔a company that operates multiple stores under common ownership, and usually has centralized decision-making demographics ✔✔quantifiable information about a customer such as household size, income, education, occupation, and place of residence department stores ✔✔these stores offer good service and a broad variety and assortment of products of mid-to-high quality direct selling ✔✔salespeople contact customers directly in a convenient location, often at a customer's home; demonstrate product benefits; take orders; and deliver the products or perform the services discount selling ✔✔these retailers offer a broad variety of merchandise, limited service, and low prices distribution channel ✔✔the chain of businesses through which a good or service passes until it reaches the end customer diverse shopper ✔✔this buyer is hard to predict or to understand. he shops in many different places and is not obviously influenced by any one retail element e-commerce ✔✔buying and selling through the internet via an electronic device follower ✔✔this customer usually waits to see what the latest trend will be, and is reluctant to try new products until friends have done so and reported on them franchises ✔✔the license granted to another party to market a company's goods or services in a particular territory gross domestic product (gdp) ✔✔the monetary value of all the finished goods and services produced within a country annually impulse buyer ✔✔the person who makes quick purchase decisions independent establishment ✔✔typically single store or a small, regional chain innovative customer ✔✔the buyer who wants to be the first to purchase and own the latest merchandise manufacturer ✔✔produces the products multi-channel ✔✔retail operations with customer transactions possible through multiple connected channels off-price retailers ✔✔offer brand name merchandise at a discount. the merchandise typically consists of excess inventory, closeouts and irregulars omnichannel ✔✔similar to multi-channel retailing, with the focus on creating a seamless consumer experiences through any and all shopping channels outlet stores ✔✔off prices stores that are owned by the manufacturer or retailer physical cue ✔✔a physical need such as hunger or thirst that drives behavior recreational shopper ✔✔this customer shops for fun, and therefore shopping does not necessarily mean always making a purchase retailer ✔✔receives, stores, displays, and presents the products to customers retailing ✔✔no matter what format it takes, retailing is the method by which customers acquire products and services social cue ✔✔decision making based on the suggestion or preference of a friend, colleague, or family member specialty stores ✔✔this segment focuses on deep but narrow assortments with a high level of customer service stimulus ✔✔a thing or event that causes a supercenters ✔✔These stores typically combine a supermarket and a department store, resulting in a gigantic retail facility that carries an enormous range of products, from apparel to groceries to automotive supplies, all under one roof. supermarkets ✔✔These stores sell a wide variety of goods including food, alcohol, and medicine. target market ✔✔a defined customer who has the need, desire, and ability to buy a retailer's products. wholesale clubs ✔✔wholesalers who sell products in bulk directly to consumers. these clubs typically require a membership wholesaler ✔✔buys large quantities of products directly from the manufacturer, breaks them into smaller units, and sells the smaller units to retailers active listening ✔✔a structured form of listening and responding that focuses the attention on the speaker. the listener must take care to attend to the speaker fully, and then repeat, in the listener's own words, what he or she thinks the speaker has said benefits ✔✔advantages or rewards of features closed-ended questions ✔✔Questions that tend to evoke one-word answers: yes or no. The aim of using closed-ended questions is to limit talking or to control the direction of conversation, such as when you want to narrow the scope of the conversation, elicit specific information, or close the sale. Closed-ended questions usually begin with words Like do, will, can, and are customer service ✔✔The act of taking care of the customer's needs by providing and delivering professional, helpful, high quality service and assistance before, during, and after the customers requirements are met. features ✔✔those things that are physical in nature, including color, size, etc., and appeal to our senses of touch, taste, smell, hearing, feeling, and sight open-ended questions ✔✔questions that begin with the words who, what, where, when, how, and why. they cannot be answered with a simple yes or no. the aim of using open-ended questions is to get someone talking personal needs ✔✔those needs that motivated customers to come to you in the first place--to solve a problem or to get a product or service practical needs ✔✔Those needs that motivated customers to come to you in the first place- to solve a problem or to get a product or service. value ✔✔more than just price, value is a measure of the total benefit. ex.spending a little more money to purchase a product at a retailer that provides warranties or superior customer service actual sales ✔✔Total gross sales generated during a specific reporting period for a department or store average sale ✔✔the average sale metric is an indication of how much each customer buys goal ✔✔an aim for the future; one of the greatest motivators for people is to have meaningful goals to work toward. this includes both business and personal goals. goals give us focus, motivation, clarity, and direction. they help us to learn and grow and perhaps even accomplish things we never thought possible department plans ✔✔Each department makes a contribution to the store's financial plan and helps the store meet its sales goals. Each department also receives a plan and is responsible for its own sales goals financial planning ✔✔Planning or goal setting to help stores reach their sales or productivity goals. It includes a sales plan, merchandise plan and store and department plans. merchandise plan ✔✔a seasonal merchandise plan explains how to achieve the sales plan. it shows the amount of merchandise in stock at the beginning of each month in the season number of transactions ✔✔The total number of customer transactions completed by a store or department during a specific reporting period. referral ✔✔when a person recommends someone based on his or her experiences with the person or when someone recommends another person for a task or service return percent ✔✔The percentage of items sold that were returned by customers during a specific period of time for each department and store. lowering the return percent increases sales and profit. a high return percent indicates that customers may not be receiving proper assistance with their purchases or that the products are unsatisfactory sales goals ✔✔managers set daily, weekly, and monthly sales goals their salespeople direction. goals should be realistic and should reflect the planned sales for your department (sales goal=projected sales per hour x number of hours scheduled for work) sales per hour ✔✔A measure of sales productivity and provides a measure for comparing sales volume for the store and the staff. (sales per hour= total sales/ total hours worked) sales plan ✔✔a plan that details all the sales numbers to be achieved in a season SMART goals ✔✔goals that are specific, measurable, achievable, results-oriented, time-based store financial plan ✔✔a plan that details the planned sales volume by department and compares those numbers to actual sales this year and last year unique selling proposition ✔✔what a company offers that differentiates it from other retailers who offer the same or similar products or services units per transaction ✔✔the average number of units or items each customer buys during each transaction and the salesperson's ability to sell multiple items. increasing the number of units per transaction has a positive impact on sales volume. (units per transaction= total # of items sold/ total number of transactions) 80/20 rule ✔✔80% of sales come from 20% of customers employee theft ✔✔employee stealing of cash, including voids, post voids, and deposits fraud ✔✔means of stealing by trickery, such as stolen credit/debit cards, counterfeit money, currency switching, package switching, refund fraud, refund abuse, stolen or bad checks lifestyle merchandising ✔✔Staging products by how the customer will be using the product and creating a display around that mental picture [similar to suggestive selling]. loss ✔✔when assets of a business are stolen or lost due to error. Categories of loss are "shortage" or "other". shortage is loss due to shoplifting, employee theft, and employee inventory. other loss is when assets other than merchandise are missing. such as cash or equipment. this may be due to credit/debit card fraud (customer dishonesty), cash over or short, stolen or bad checks, safety issues (causing workman's comp, lawsuits, medical bills) Loss Prevention ✔✔Preventing the Loss Of inventory or merchandise due to shoplifting, employee theft, or employee error. merchandising ✔✔The art and science of presenting the products you sell in the most attractive way possible in order to generate traffic, create Interest and buzz, and generate sales. packing slip ✔✔A list of the quantity and type of merchandise that the vendor sends to a store. The vendor or distribution center will normally include the packing slip with the requested merchandise at the time of shipment. physical inventory ✔✔a physical count of every piece of merchandise in the store, creating a record of the store's inventory at a specific point in time planogram ✔✔visual map that shows shelf heights, merchandise and signage placement that maximizes the display space Pre-priced inventory: ✔✔When merchandise arrives at the store with price tags already attached and can be placed on the floor as soon as it's checked in. purchase order ✔✔a detailed list of vendor items requested by the store. it will list the sizes, colors, models, etc., as well as the number of each item requested. purchase orders are sent to vendor or store distribution center to request shipment of merchandise shoplifting ✔✔carrying, hiding, concealing, or otherwise manipulating merchandise with the intent of taking it or paying less for it shortage ✔✔commonly referred to as shrink or shrinkage because a retailer's inventory literally shrinks in size when it is reduced by theft or can't be accounted for due to employee error shrink/shrinkage ✔✔Loss caused by shoplifting, employee theft, and employee error. It is the difference between the amount of merchandise on the company's financial records and the actual count of merchandise. affrmation ✔✔a statement with a thought picture that says you have already attained your goal body language ✔✔nonverbal communication through gestures, facial expressions, behaviors, and posture elevator pitch ✔✔a short speech that can be delivered in the time span of an elevator ride (30 seconds or 100-150 words); the goal is to capture a person's attention to explain who you are and what you do (and why you're the best), and to motivate them with a call to action (e.g.; provide you with leads on the next opportunity) network ✔✔people who can and will help in one's career development resume ✔✔a accomplishment based document that showcases an individual's ability to contribute to what is important to any organization retail career paths ✔✔specialties in the retail profession, such as communications, human resources, legal, product development, real estate, advertising, public relations,etc. STAR format ✔✔a way to display information in a resume; stands for: Situation or Task, Actions, and Results SMART goals ✔✔goals that are specific, measurable, attainable, realistic, and timely visualization ✔✔picturing oneself being successful in order to take action toward assuring a positive attitude. for example, seeing yourself at your ideal job, or replaying successful events from your past in your mind [Show More]

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