Odisha CHSE +2 Vocational Retail Sales Associate flashcards
Odisha CHSE +2 Vocational Retail Sales Associate · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Retail
- Sale of goods or services to the final consumer for personal use. A retailer buys to resell and sits at the end of the distribution channel.
- Retail mix
- The combination of merchandise, price, location, promotion, presentation, personnel and service through which a retailer creates its offer and differentiates from competitors.
- Conversion rate
- Number of transactions divided by footfall, expressed as a percentage. It shows how many visitors actually buy and is a core measure of store and staff performance.
- Category killer
- A large specialty store with a very deep assortment in one category and low prices, which takes sales away from smaller general retailers nearby.
- Omni-channel retail
- A model where store, website, app and marketplace share stock, pricing and customer data, so the buyer can switch channels within one purchase journey.
- Franchise
- An arrangement where the franchisee pays fees to use a brand's name, products and operating system, while remaining a separate business owner.
- Service recovery paradox
- A customer whose complaint is resolved quickly and fairly may become more loyal than one who never had a problem at all.
- Customer lifetime value
- Estimated profit from a customer over the whole relationship, roughly average transaction value times purchase frequency times retention years times margin.
- RATER dimensions
- Five service quality dimensions: Reliability, Assurance, Tangibles, Empathy and Responsiveness. Reliability, doing it right first time, usually matters most.
- FAB selling
- A technique that links a product Feature to its Advantage and then to the Benefit for this particular customer, connecting product facts to real needs.
- Augmented product
- The extra services around the core item, such as warranty, delivery, installation and after-sales support, which often decide the purchase.
- Substitute goods
- Products that can replace each other for the same need. They compete for the same sale, so cross-selling works on complements rather than substitutes.
- Planogram
- A diagram that fixes each SKU's shelf position and number of facings, ensuring consistent display and easier replenishment across stores.
- Sell-through rate
- Units sold divided by units received, expressed as a percentage. It measures how fast stock clears and whether a display or assortment is working.
- FEFO rotation
- First-expired-first-out: stock with the earliest expiry date is sold first. Used where expiry dates vary, such as food and cosmetics.
- SPIN questioning
- A discovery sequence of Situation, Problem, Implication and Need-payoff questions that helps the customer articulate the value of solving a problem.
- Cross-selling
- Offering a related add-on product that complements the item already chosen, such as a belt with trousers, based on an identified customer need.
- Trial close
- A check question that tests readiness to buy. Signals include asking about delivery, warranty or payment terms, which justify moving to the close.
- Goods received note
- A record made at receiving that lists items, quantities and condition checked against the purchase order and invoice, and triggers the stock update.
- Reorder point
- Stock level at which a new order must be placed, calculated as average daily sales times lead time plus safety stock.
- ABC analysis
- Stock classification by value: A items are few but high value with tight control, C items are many but low value with loose control.
- Shrinkage
- The gap between book stock and physical stock, caused by theft, damage, expiry and paperwork error, usually expressed as a percentage of sales.
- Active listening
- Listening to understand rather than to reply, using paraphrase, reflection of feeling and summary, so the customer feels heard and needs surface clearly.
- 7Cs of communication
- Clear, concise, concrete, correct, coherent, complete and courteous. A checklist for any message, spoken or written, in retail work.
- Sweethearting
- A fraud where staff give free, extra or under-billed goods to friends or relatives. It is a disciplinary offence and a form of internal shrinkage.
- PASS technique
- Order for using a fire extinguisher: Pull the pin, Aim at the base of the fire, Squeeze the handle, Sweep from side to side.
- Gross margin percentage
- Selling price minus cost, divided by selling price, times 100. A 50 percent markup on cost equals a 33.3 percent gross margin.
- Break-even quantity
- Fixed costs divided by contribution per unit, where contribution is selling price minus variable cost. Sales below this volume produce a loss.
- GST split rule
- For a sale within the same state, GST is charged as CGST plus SGST at half the rate each; for inter-state sales the full rate is charged as IGST.
- Minimum viable product
- A first, limited version of an offer released to real customers to test demand and gather feedback before investing in full stock and fit-out.
- Average order value
- Total online sales divided by the number of orders. It rises through bundles, cross-sell recommendations and free-delivery thresholds.
- Manual handling rule
- Assess the load, keep it close, bend knees not back, keep the spine neutral, never twist while lifting, and use a trolley for heavy items.