NRF Foundation: Rise Up Certification Review Exam Questions And 100% Correct Answers.
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Course
NRF
Institution
NRF
retail - Answer process of selling products and/or services to earn a profit
retailer - Answer a business or person that sells products and/or services to customers
customers - Answer people who purchase goods or services from a business
products - Answer (also called merchandi...
NRF Foundation: Rise Up Certification
Review Exam Questions And 100%
Correct Answers.
retail - Answer process of selling products and/or services to earn a profit
retailer - Answer a business or person that sells products and/or services to customers
customers - Answer people who purchase goods or services from a business
products - Answer (also called merchandise) are physical goods that are bought and sold
services - Answer intangible transactions such as lawn mowing, hair care, etc.
retail ecosystem - Answer interconnected system of approaches designed to meet the goal of retailing.
It's providing customers with the experience they want and need.
multichannel retailing - Answer multiple buying options, but they are all separate. For example, what is
available online is not available in-store.
omnichannel retailing - Answer multiple buying options that are all interconnected. For example,
buying an item online and picking it up at the store.
manufacturer - Answer produce finished products
wholesaler - Answer purchases large quantities from the manufacturer and sells smaller amounts to
retailers
independent ownership - Answer Typically, a single store, online site, or small regional chain. 95% of
retailers have just one location. Most businesses in the US are under this type of ownership
, Corporations - Answer a business owned by shareholders through publicly traded stock. Centralized
decision making for all of it's multiple locations
Private Company - Answer Ownership is limited to a single or small group of investors (not run by
shareholders). Can be a large company with multiple locations
Franchise - Answer a license is granted to another entity to retail a company's products or services in a
particular area; consistency in the customer experience is crucial
Retail supports 1 in ______ American Jobs - Answer 4
Teens - Answer The retail industry is the largest employer of this age group.
Retail Product Cycle - Answer This cycle includes the following steps: selection, allocation, distribution,
selling, markdowns
selection - Answer getting the right products and services to the right place at the right time for
customers to purchase
allocation - Answer the process of distributing merchandise to a retailer's locations. The larger the
retailer, the more complicated it can be.
distribution - Answer the process of taking products from warehouse and distribution centers to stores
to be sold to customers
On-hand Inventory - Answer The products or merchandise that retailers have in their retail locations to
sell.
Total Inventory/Retail Inventory - Answer The complete listing of all the merchandise a retailer owns. It
is usually the amount of merchandise owned throughout the retailer's entire enterprise.
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