NRF Business of Retail Certification Exam
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
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NRF Business of Retail Certification
Exam
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.
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