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NRF Foundation Rise Up Certification Review With Complete Solutions Latest Update
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NRF Foundation Rise Up Certification Review With Complete Solutions Latest Update
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NRF Foundation: Rise UpCertification Review With
Complete Solutions Latest Update
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
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