Karnataka II PUC Retail Vocational (KSEAB) flashcards

35 cards. Read the term and the definition here. The deck at the top of this page is optional.

Retail

The sale of goods or services directly to the final consumer for personal or household use, making the retailer the last link between producer and consumer.

Hypermarket

A very large self-service store combining a full supermarket range of food with a wide non-food assortment, usually located outside city centres with ample parking.

Private label

A product manufactured for and sold under the retailer's own brand name rather than the manufacturer's brand, typically offering higher margin and building store loyalty.

Category killer

A large specialty retailer that offers a deep assortment within one product category at low prices, drawing customers from a wide trading area.

Franchising

An arrangement where the franchisee pays a fee and royalty to operate under the franchisor's brand, systems and standards for a defined period.

Service recovery

The planned response a retailer makes after a service failure, aiming to resolve the complaint, restore customer confidence and prevent the customer from leaving.

Upselling

Persuading a customer to buy a higher-priced or upgraded version of the product they are already considering, after confirming that it meets their need.

Cross-selling

Offering a related or complementary product that adds value to the main purchase, such as a case with a phone or socks with shoes.

Moment of truth

Any point where a customer interacts with the retailer and forms an impression, including store entry, aisle, trial, billing and exit.

Planogram

A scaled diagram showing exactly where each product is placed on a fixture, how many facings it gets and how much shelf space it occupies.

Assortment depth

The number of variants, such as sizes, colours or flavours, offered within a single product line, as opposed to the number of different lines.

Visual merchandising

The coordinated presentation of products, props, lighting, signage and colour to attract customers, guide them through the store and encourage purchase.

Focal point

The single element in a display that first draws the eye, created through size, colour contrast, lighting or elevation, around which other elements are balanced.

GMROI

Gross margin return on inventory investment, calculated as gross margin divided by average inventory at cost; it shows profit earned per rupee of stock held.

Reorder level

The stock quantity at which a fresh order must be placed, equal to average daily demand multiplied by lead time plus the safety stock buffer.

Safety stock

Extra inventory held above expected demand during lead time to protect against sudden demand spikes or supplier delays and avoid stockouts.

Shrinkage

The difference between recorded book stock and actual physical stock, caused by theft, damage, expiry, administrative error or supplier shortfall.

FIFO

First in, first out: the stock control rule that older stock is sold or issued before newer stock, essential for perishable and expiry-dated products.

Stock keeping unit

A unique identifier for a specific product variant, distinguished by size, colour, flavour or pack, at which inventory is tracked and counted.

Racetrack layout

A looped main aisle that guides shoppers around the whole store, exposing them to most departments and increasing impulse purchases.

Conversion rate

The number of completed transactions divided by the number of visitors (footfall), expressed as a percentage; it measures how well the store turns visitors into buyers.

Sales per square foot

Net sales divided by the selling area in square feet; a standard measure of how productively floor space is being used.

Footfall

The count of customers who enter the store over a period, used with conversion rate and basket size to assess store performance.

Z report

The end-of-day POS report that closes the business day, totals all tender types and resets the day's counters, so it is generated only once.

Opening float

The counted cash issued to a cashier at the start of a shift to give change, recorded and signed for so the till balance can be verified later.

Tender type

The payment method recorded against a sale, such as cash, debit or credit card, UPI, gift card or store credit, each keyed separately for reconciliation.

Cash handover

The signed transfer of counted cash and POS shift totals from one cashier to the next or to the supervisor at the end of a shift.

Gross margin percentage

Gross profit divided by net sales, multiplied by one hundred; it shows the share of each sales rupee retained after the cost of goods sold.

Markup versus margin

Markup is calculated on cost while margin is calculated on selling price, so a given rupee profit gives a higher markup percentage than margin percentage.

Imprest petty cash

A system where a fixed cash float is issued for small expenses and reimbursed by exactly the amount spent, restoring the float to its original level.

CGST and SGST

The two equal tax components charged on an intra-state supply of goods, each going to the central and the state government respectively.

Active listening

Fully concentrating on a speaker, paraphrasing and asking clarifying questions so the message is understood before a response is given.

Business plan

A written document setting out a venture's product, target market, operations, costs, pricing, funding requirement and projected sales and profit.

FSSAI licence

The mandatory Indian food safety registration or licence required to manufacture, store, transport or sell food, displayed at the retail premises.

Legal Metrology declaration

The mandatory package label details: net quantity, MRP inclusive of taxes, manufacturer or packer name and address, and consumer care contact.