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“Account Takeover - CORRECT ANSWER=> A type of economic fraud in which thieves steal customer login information and then use it to access their retailer loyalty accounts. Also called loyalty fraud." "Active Listening - CORRECT ANSWER=> A structured from of listening and responding that focuses the attention on the speaker."
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login information and then use it to access their retailer loyalty accounts. Also called loyalty fraud."
attention on the speaker."
direct favorable attention to certain goods or services"
costumers can opt for (e. g., payment options, product modifications etc.)"
customers (e.g., the tailoring of clothing items or installing additional memory in a labtop)"
banned discrimination against the disabled in employment and mandated easy access to all public and commercial buildings."
to ask a lot of questions and behave methodically. Typically wants the important data, facts and logic."
deliberate preventable losses. Examples include: non-electronic ink tags, mirrors, closed-circuit cameras, display or fixture locks, cables, chains and alarms and uniformed security guards."
charge of implementing actions plans to reduce waste, breakage or theft and increase safety."
can hire any employee they choose and dismiss an employee with or without cause at any time. Employees can also elect to work for the employer or to terminate the relationship anytime they desire to do so."
steal credit card information from customers or create programs to test randomly generated car
numbers and CVV codes until they find a combination that works; then bots place multiple transactions very quickly using the stolen credit card number."
digital audio-messages to advertise their merchandise."
that are available to sell."
spends during a store visit. This information might help a store plan their sales and marketing approaches."
unique item identifier."
express intentions. These are a key form of nonverbal communication."
Retailers often give bonuses to employees, teams or departments or even the entire company."
doing business with them-for example, providing quality customer service."
customer and the next one (e.g. "Would it be ok if I grab a few items for another customer?")"
included on-screen movie theater ads."
services together for a lower retail price than if all of the items were purchased individually. This approach helps increase the perception of value with customers."
merchandise."
retailer, when considered in total."
including the raw material used to make it and any labor costs."
financial institution that allows him/her to obtain products and services without payment, buy with the promise of paying back within a certain timeframe."
complement a customer's purchase."
business"
representatives give to people who explore or buy its products and/or services."
that they have shared with a retailer or its employees is kept private, and not shared with others or the public."
service."
education, marital status, employment, etc., of target audience"
web pages and text. Retailers use digital signs to attract in-store customers to merchandise, provide price and product information and share brand content and messaging with customers to enhance their shopping experience."
goal of selling it to the same audience. And example is Apple's iPhone vs. Samsung's Galaxy: they are similar phones from different companies, aimed at the same audience."
goals is to get the customer to take action-order a product online, buy an item via a social media site, visit a store or clip a coupon. Catalogs, loyalty program offerings and targeted emails are examples of direct marketing."
promotional markdowns are used to get customers to buy and attract additional customer traffic to the store."
based on race, color, religion, gender, gender identity, sexual orientation, pregnancy, national origin, age, disability, genetic information and retailation."
theft of high-priced items."
to when it reaches the customer."
shopping or ecommerce retailing. Examples of ecommerce fraud are: identity frauds, account takeovers or loyalty frauds, return frauds and automated frauds."
shoppers. Under economy pricing, retailers, minimize all cost associated with certain items in order to keep their prices low."
embedded in tags that are attached, sewn in or inserted into packaging by the manufacturer or store employee"
people (usually friends and family) use or gain from a discount that the retailer provides to its employees as a benefit."
resulting in personal gain and a loss to the retailer."
result of inaccurately estimating product demand."
that companies are required to follow, such as giving breaks and meal periods to employees."
to 12 weeks of unpaid leave to care for family members or because of a serious health condition of the employee."
single store or a small regional chain."
seek to meet the same customer need. For example, Smashburger and KFC sell very different products but both strive to meet the same need: satisfy hunger."
store, and process data from Point of Sale (POS) devices; create and maintain systems for inventory management, customer service management, and communications; maintain the organization's technological infrastructure and more."
purchase the newest technology, fashion, or car, eat at the just-opened restaurant, or see the latest movie. This type of person has an early adopter mindset and wants to be recognized as a trendsetter by others."
money-which comes from an internal lending department or a third-party bank-to buy the product as a part of the sale. Borrowers typically pay the retailer in monthly installments."
typically wants big-picture ideas to determine what is import and will lose interested in the conversations if there is too much structure or a deep dive into product features."
meet product demands. Inventory life cycle: The process that starts when inventory arrives to the store and ends when it leaves the store with a customer"
store or distribution center, identify how much inventory was sold, track the price that each item was sold for, pass information to ordering systems, record product price reductions, and more."
transaction. Invoices typically include information such as the price, number of products purchased, etc."
details such as the company name, the job title, the purpose of the position, the job's duties and responsibilities, the scope of the role, the qualifications and requirements for the position, the title of the role's supervisor, and the job's working conditions."
as overall sales and customer retention levels. Examples in a retail store include: sale per square foot, average customer spend. and stock turnover rate."
of an item in order to determine its retail price."
deposit on merchandise and then pay for the rest over time."
retailer's cost, with the goal of encouraging customers to visit the retailer to get the "loss leader" products and then end up buying other items, too."
implementing action plans to reduce waste, breakage or theft and increase safety."
retailer over others usually because of positive customer experiences with the retailer and their products and/or services."
repeat customers who are loyal company brand shoppers. These programs generally use customer's personal information, purchase history and preferences to refine their product and service assortment, target promotions to consumer groups or individual customers and reward loyal shoppers."
company's brand and its specific products and services."
uses to influence customers to purchase its products."
encourage rapid sales. Markup: The amount of money that a retailer adds to its cost of a product to cover expenses and provide a profit."
clothes, and household items."
service and their shopping experiences."
and that are used to get customers to provide details about what they want or need. Open-ended questions begin with the words, who, what, when, where, why, and how."
incurred by a business. These included the physical space-mortgage or rent for anything you own or lease, such as a store a warehouse, or office space plus utilities-labor and staff expenses for maintaining and selling the products, advertising cost, insurance, taxes, and other expenses."
product demand."
priced item out of a package and replaces it with a higher-priced item."
store and creating a record of the store's inventory on hand at a specific point in time. The goal is to compare this record to the expected inventory value from the beginning of the period."
inventory is counted and compared to the inventory from the beginning of the period."
total inventory."
customer and a sales associate. These relationship-based activities between people are the cornerstone of retail."
which merchandise should be displayed on the sales floor. They may contain drawings, images, measurements, and/or words describing precisely which products, signs and labels should be places in specific locations on shelves, rack, tables, bin, cases, peg hooks, endcaps-display placed at the end of aisles-and other displays."
tracking the reduction of on-hand inventory as it is sold. It includes barcode scanners, registers, card readers, receipt printers, tablet devices, online and in-app checkouts and may include self-service kiosks in stores."
set higher than the competition based on the promise of exclusive, high-quality and unique products. For example, Nike is a retailer that uses this pricing strategy."
actions. Examples include shoplifting, employee theft, operational errors, and vendor fraud."
produce items or occasionally, other types of items."
a new product in order to make a higher profit margin on the "innovation buyers" who will be the first to purchase the product. The price is then lowered later to attract more price-conscious customers."
newsletters, signs, weekly retailer ads, coupons and other printed materials that are intended to reach a wide audience and encourage purchases."
retail, this term typically refers to large companies with many retail locations and centralized business operations. Privately-owned retailers include large chains such as Albertsons, Ashely Stewart, and Belk."
food, clothes, and household items."
for the customer."
seen, smelled, and/or heard and include things like color, size, flavor, scent, sound, and texture."
customers understand how a product or service will meet their needs. IT includes knowing the features, benefits, functions, uses, and required support for products and/or services."
merchandise back to the retailer to receive a refund in the original form of payment, an exchange for another item or a store credit."
revenue-the amount of money that comes in-minus expenses-the amount of money that the retailer spends."
amount that the item is sold for-and the cost of goods sold, or how much the retailer paid for the item."
where, and how they want them"
connected to one another"
connected using technology"
sells small quantities to retailers"
through retailers, and selling through wholesalers"
franchise"
**they are NOT making money"
sales"
"what is the term that describes the audience of retail stores--the people who buy things from the store?
"the majority of retailers are......independently owned, corporations, franchises, or online only retailers?
"what holds large quantities of product that are later sent either to retail locations or directly to
"what term describes distributing merchandise from the manufacturer to a a retailer location? -
markdown"
customers can find the products they want when they want them" "The period key term in retail, for a period of time that an item remains usable, or fit for consumption is
encourage rapid sales of products"
personalized service offers based on location"
interconnected system of approaches for meeting the goal of retailing, which is to provide customers with the merchandise and services they want"