Punjab PSEB Matric NSQF Organised Retail flashcards

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

Organised retail

Retail carried out through licensed, registered formats such as supermarkets, hypermarkets and chain stores, using standardised billing, accounting and operating processes.

Unorganised retail

Small, owner-run retail such as kirana shops and street vendors, typically with low investment, no standardised systems and informal accounting.

Hypermarket

A very large self-service store combining full food ranges with general merchandise, usually located on the outskirts of a city with parking.

Retail channel

The route through which goods reach the consumer, either store-based (physical outlets) or non-store (e-commerce, catalogue, direct selling, vending).

Buying decision process

The five stages a consumer passes through: need recognition, information search, evaluation of alternatives, purchase, and post-purchase behaviour.

Customer lifetime value

Average purchase value multiplied by purchase frequency per year and by expected years of the relationship; used to justify retention spending.

Service recovery paradox

The finding that a customer whose complaint is resolved quickly and fairly may become more loyal than one who never experienced a problem.

Moment of truth

Any direct contact point between a customer and store staff or systems where an impression of the retailer is formed.

FEFO

First-expiry-first-out: stock with the earliest expiry date is sold first, applied to perishables and dated packaged foods.

Planogram

A diagram specifying the exact position and facings of each product on a fixture, guiding shelf arrangement and replenishment.

Goods receiving challan

The delivery document checked against actual quantity and quality; short or damaged items are noted on it before signing.

Shrinkage

Inventory loss from theft, supplier fraud, administrative error and damage, measured as the gap between book stock and physical stock.

Planogram compliance

The degree to which the shelf matches the approved planogram in product position, facings and signage.

Decompression zone

The first one to two metres inside a store entrance, kept relatively open because shoppers rarely notice products placed there.

Golden zone

The shelf area between roughly waist and eye level, where products receive the most attention and sell best.

Grid layout

A store layout of parallel aisles and fixtures, efficient for self-service supermarkets because it maximises shelf space and eases navigation.

End cap

The display at the end of an aisle, used for promoted, seasonal or high-margin impulse products with high visibility.

Cash drawer reconciliation

Opening float plus cash sales minus refunds and payouts gives expected closing cash; any difference is recorded as over or short.

POS terminal

The point-of-sale system that scans barcodes, looks up prices, calculates totals and tax, records payment and prints the bill.

Barcode (EAN/UPC)

A machine-readable code identifying a product; the POS uses it to fetch the price and details from the store's item master.

GST tax invoice

A retail bill showing GSTIN, invoice number, HSN code, taxable value, tax rate and CGST/SGST or IGST split as applicable.

Reorder level

Average daily sales multiplied by lead time in days, plus safety stock; stock reaching this level triggers a new order.

Safety stock

Extra inventory held to cover variation in demand and delivery lead time, protecting against stock-outs.

ABC analysis

Stock classification by value: A items are few but high-value and tightly controlled, while C items are many and low-value.

Inventory turnover

Cost of goods sold divided by average inventory at cost; it shows how many times stock is sold and replaced in a period.

Feature-advantage-benefit

A selling sequence where a product fact (feature) is linked to what it does (advantage) and what that means for the customer (benefit).

Cross-selling

Offering a related or complementary product to the one being bought, such as a belt with trousers, to increase basket size.

Upselling

Persuading a customer to choose a higher-value or larger version of the product they intended to buy.

PASS fire extinguisher rule

The sequence for using an extinguisher: Pull the pin, Aim at the base of the fire, Squeeze the handle, Sweep side to side.

Break-even quantity

Fixed costs divided by the difference between selling price per unit and variable cost per unit; the volume at which profit is zero.

BOPIS

Buy online, pick up in store: the customer orders digitally and collects from a store, using store stock and reducing delivery cost.

Conversion rate

Orders divided by site visits, multiplied by 100; it measures how effectively visitors to an online store become buyers.