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Retail Industry Flashcards | StudBud
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Retail Industry
Retail Industry
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1
In the customer loyalty life cycle, the customer has a want/need then considers purchasing options, what step is next?
Customer likes or does not like the buying experience
Customer chooses a buying option
Customer purchases from the retailer again
Customer keeps shopping different places
2
Retailers use technology in stores and online to
Limit production selection
Make tasks easier and faster to complete
Prevent customers from shopping
Monitor all the places they are shopping
3
Marketing programs - track purchase history, provide incentives to loyal customers
Customer apps
Tracking system
Marketing tricks
Loyalty programs
4
Who is responsible for making sure safety exits are NOT blocked and free in case of an emergency?
OHSA Officer
Retail Employee
Customer
Police Officer
5
A group of people that work together towards a shared purpose or common goal
team
group
huddle
meeting
6
When you respond to a challenge with optimism, helpfulness, encouragement, and/or excitement, you're demostarting:
Intelligence
A negative attitude
A positive attitude
Discipline
7
What does the M in SMART stand for?
Monthly
Memorable
Measurable
Managed
8
a company's goal is to earn $5 profit a day for every sale
Company overall growth
Number of sales per employee
Number of sales per day
Profit made per sale
9
Merchandise without an expiration date like electronics, tools and home goods typically have a longer
Run time
Shelf life
End date
Conclusion
10
What common events could result in inventory shrinkage?
Customers bought more inventory than the retailer planned
Retailer order too many products
Product was stolen from the store
Retailer forgot to order products
11
Choose the example of nonverbal communication
Correct spelling in a text message
Words in an email
Hand and body movements
Words in a phone call
12
When working on a ladder, what's one thing you need to avoid in order to prevent falling?
Making sure the ladder is locked in position
Using the top ladder as a step
Facing the ladder as you climb up and down
Having a peer hold the ladder stable
13
Which item is a retail product?
new fridge
extended warranty
fridge delivery
fridge repair
14
What SMART goal is missing from this goal "You must stock 20boxes of products onto the shelves"
T - timed based
A - achievable
S - specific
M - measureable
15
What does the R in SMART goal setting stand for?
Routine
Ready
Ready oriented
Results oriented
16
Responsible for the production of finished products
Manufacturer
Distributor
Driver
Seller
17
Which of the following does not cause inventory shrinkage?
Products stolen from the store by customers
Products stolen from the store by employees
Products damaged in the store
Products the retailer forgot to order
18
Tuning out interruptions is an example of which time management skill?
Create
Focus
Prioritize
Organize
19
When you have key info about a company's products and services and use it to help customers
Intelligence
Limited info
Product knowledge
Options
20
A company's image and reputation, how the world sees the product or company
value proposition
logo
brand
inventory
21
Which area in a retail store usually ensures compliance w labor laws, recruits, train new employees, process payroll,etc
Human Resources
Visual Merchandising
Finance
Information Technology (IT)
22
What information should you expect to enter on a job application?
Hair color
Education
Names of family members
Age
23
The repetitive cycle that occurs with retailers in regard to product assortment
The retail product cycle
Telemarketing
Customer service
Clearance
24
What does the T in SMART stand for
Temporary
Talent based
Time based
Timid
25
A poor reaction to an idea or situation
problem solving
negative attitude
positive attitude
beneficial skill
26
Ensure compliance with labor laws, recruits, keeps records and processes payroll
Human Resources
Visual Merchandising
IT
Finance
27
In the retail product cycle, what step comes after the distribution process?
Allocation
Distribution
Selling
Selection
28
Which is retail service?
Car wash
New car tires
New car
Car repair
29
Preventing injury and illness to customers and employees is called
workplace safety
safe workers
workplace procedures
workplace policies
30
The inventory term that describes the ability to scan large volumes of inventory or tagged items at a time
Retail Frequency ID
Radio Frequency Identification Device
Retail Federal ID
Retail Federation ID
31
When lifting, you should use what part of your body to do the most of the lifting?
Your back
Your arms
Your feet
Your legs
32
Which of the following key performance indicators can be used to measure whether each store is meeting sales goals?
Overall company growth
Number of sales per store locations
Number of sales per employee
Profit made per sale
33
What item is a retail product?
Car tire warranty
Car tire installation
Car tire
Car tire repair
34
A person or company that sells goods and or services to a customer
Seller
Consumer
Retailer
Customer
35
What tool can you use to help organize your time
File folders
Ruler
Asking your boss to remind you
To do list
36
Recommending additional items that complement a purchase
Under selling
Up selling
Cross selling
Mixed Selling
37
Which of the following is most likely to be a role in a retail career?
Babysitter
Mechanic
Buyer
Therapist
38
Customer makes a purchase and their transaction total is $23.47. The customer pays with $40.00 cash. How much change?
$16.34
$17.53
$16.25
$16.53
39
In the problem solving process, which step comes after Come Up With Solutions
Define the problem
Choose a solution
Finish your shift
Take action
40
According to the inventory life cycle, after a retailer receives products, the next step is
that the customer shops the store
to display products
that the retailer prices products
inventory is purchased
41
Which of the following key performance indicators can be used to measure whether all employees are reaching sales goals?
Overall company growth
Number of sales per employee
Number of sales per day
Profit made per sale
42
Physical goods (that can be touched) that can be bought and sold
Commerce
Items
Products
Services
43
What can decrease customer satisfaction?
long wait times at checkout
value for the dollar
a clean, safe, easy to shop location
a good assortment of products and services
44
Collects, stores and processes date
IT
Human Resources
Finance
Visual Merchandising
45
After purchasing a new car, a customer is satisfied with the service received from the sales person, which phase?
Phase 1- Customer has a want/need
Phase 4- The customer likes or doesn't like their customer experiance
Phase 3- Customer goes to the store to buy the item
Phase 2- Customer loyalty life cycle
46
A large facility that manufactures send large quantities of product to then to be distributed to stores is called
Distibution Center
Store
Garage
Carton
47
During the selling process, you assess the needs and wants of the customer by asking yes or no questions
Short questions
Open ended questions
Fast questions
Easy questions
48
Store sells 100g of milk in a wk so they purchase 100g of merch on the shelf. Sold out in 2 days and couldve sold more
More demand than supply
Demand that meets or equals supply
More supply than demand
More supply than demand
49
Which of the following is not part of the retailer's role in inventory management?
Stocking Product
Receiving Product
Ordering Product
Delivering Product
50
Buys large quantities of product from manufacturers and sells them to to retailers
Warehouse
Franchiser
Service seller
Wholesaler
51
The term for distributing merchandise from the manufacturers to retail locations is called
Updating
Refreshing
Allocation
Receiving
52
In the problem solving process, which step comes after Choose a Solution?
Take action
Indentify Solutions
Define the problem
Pick a problem
53
Which SMART goal element is missing from this goal "you must sell a lot of items today"
A - achievable
S - specific
R - results oriented
T - time based
54
When distribution team members use replenishment reports to retrieve quantities of items to be sent to stores they are
Packing
Picking
Mixing
Sending
55
Every morning you take a train to get to work early, today the train broke down. Define the problem.
You will be late
You need to get to work early
You take the train to work
The train is broke down
56
In the customer service process, it's always important to greet the customer within
5 minutes
Whenever you see them
It's ok to not greet
30 seconds
57
In the problem solving process, which steps comes after Define the Problem?
Come up with solutions
Choose a solution
Finish your shift
Take action
58
What constributes to a negative brand?
Knowing your customers backwards and forwards
Spending a little more time with customers
Finding a way to go an extra step for customers
Inconsistent attributes and behaviors
59
In retail, COGS refers to
a way to measure sales
another word for profit
cost of goods sold
change given to customers
60
In the problem solving process, which step comes before Take Action?
Finish your shift
Choose a solution
Come up with solutions
Define the problem
61
Which of the following does OHSA require companies to do to help keep employees safe?
Hire safety hazard officers to protect employees
Call the police whenever an accident occurs
Provide accident insurance in case employees get hurt while working
Train employees how to respond when an accident occurs
62
The measurement of how happy the customer is
product knowledge
customer satisfaction
brand knowledge
product solutions
63
Which of the following skills are the most helpful to a salesperson?
Addition and subtraction
Active listening and communication
Creativity and judgement
Quickness and accuracy
64
Manages on site revenue generation, administration and expenses
IT
Visual Merchandising
Finance
Human Resources
65
People who purchase goods or services
Customers
Visitors
Frequent flyers
Patients
66
Planners, checklist, large calenders, and computer applications are used with which time management skill
Prioritize
Create
Organize
Focus
67
The customers current tv breaks before the super bowl. The customer planned a super bowl party and needs a tv, wutphase?
Phase 3 - Customer goes to the store to buy the item
Phase 4 - The customer likes or doesn't like their customer experience
Phase 2 - customer loyalty life cycle
Phase 1 - customer has a want/need