What is the term for intangible things sold by a retailer?
services
An entity that produces a product is called
manufacturer
Name one part of the retail product cycle (Page 37)
selection, allocation, distribution, selling, markdowns
What term describes distributing merchandise from the manufacturer to a retailer?
allocation
Name one step in the customer service process (Page 56)
greet, listen, understand, respond, deliver
What is the most important thing in every retail transaction?
the customer
What is cross-selling?
recommending additional products that complement a customer's purchase
Give an example of an open-ended question.
Can't be answered with yes or no
What term describes the complete listing of all the merchandise a retailer owns?
total inventory
The term to describe when a retailer has too much merchandise in stock as a result of inaccurately estimating demand.
excess stock
Name one type of preventable loss.
shoplifting, employee theft, operational errors, vendor theft
What is the best way for an employee to prevent shoplifting?
Offering quality customer service and keeping an eye open at all times.
Name an example of employee fraud.
intentionally pricing products incorrectly, giving products away to friends and family, chatting with coworkers when there's stocking to be done.
What is off-the-clock work? (page193)
Hourly employees are not allowed to work without being paid
What should you do if someone spills coffee on the sales floor?
Stand near or over the spill to direct traffic away from it until it can be cleaned up.
How do we calculate gross profit?
revenue -COGS
