Punjab PSEB Senior Secondary 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 activity carried out by licensed, registered businesses that follow standardised processes, professional management and legal compliance such as GST, invoicing and employee records.

Hypermarket

Large self-service store usually above 20,000 sq ft selling both food and non-food ranges at low margins, located away from city centres and aimed at destination shopping trips.

Cash and carry format

Membership-based wholesale format where retailers and institutions buy in bulk at discounted rates; payment is made at purchase and buyers arrange their own delivery.

Planogram

A diagram that specifies the exact position, number of facings and shelf space for each product, used to keep displays consistent and maximise sales per square foot.

Grid layout

Straight parallel aisles with merchandise on both sides, typical of supermarkets and pharmacies; it maximises shelf space and speeds up shopping but limits browsing.

Decompression zone

The first few feet inside a store entrance, kept free of merchandise so customers can adjust to the environment, orient themselves and slow down before they begin shopping.

Customer lifetime value

The total profit a customer is expected to generate over the whole relationship, often estimated as average purchase value times purchase frequency times retention years, minus acquisition cost.

RFM segmentation

A CRM method that ranks customers by how recently they bought, how often they buy and how much they spend, so offers can be targeted at high-value groups.

Service recovery

The action a retailer takes to fix a service failure and regain customer trust; a quick, fair resolution can leave the customer more loyal than before the problem.

FAB selling

A presentation method that converts a product feature into its advantage and then into a personal benefit for the customer, for example water-resistant so it survives kitchen spills.

Upselling

Persuading a customer to buy a higher-priced or upgraded version of the product they are already considering, increasing the value of the same transaction.

Trial close

A low-risk question asked during the presentation to test whether the customer is ready to buy, such as asking about colour, quantity or delivery preference.

Visual merchandising

The planned presentation of products and store space to attract attention, ease selection and drive sales, covering windows, fixtures, signage, lighting and colour blocking.

Rule of three

A display principle that groups items in odd numbers, usually three, of different heights or sizes to create a balanced triangular composition the eye reads easily.

Care label

A label sewn into a garment giving fibre composition plus washing, bleaching, drying and ironing instructions; in India it is required under textile labelling rules.

Reorder point

The stock level at which a fresh order must be placed, calculated as average daily sales multiplied by lead time in days, plus the safety stock kept in reserve.

ABC analysis

Inventory classification by annual consumption value: A items are few but high value and tightly controlled, B moderately controlled, C many low-value items loosely controlled.

FIFO

First In, First Out stock rotation, where older stock is sold before newer stock; mandatory for perishables and used to reduce expiry and shrinkage losses.

Shrinkage

The gap between recorded book stock and actual physical stock, caused by theft, damage, expiry, vendor fraud or paperwork error, usually expressed as a percentage of sales.

POS terminal

The checkout system that scans barcodes, applies prices and taxes, records the sale, prints the bill and updates inventory, usually linked to a cash drawer.

EAN-13 barcode

A 13-digit retail barcode: the first digits are the GS1 prefix, India uses 890, followed by manufacturer and item codes and a final check digit.

Imprest system

A petty cash method in which a fixed float is given to the cashier and reimbursed periodically for exactly the amount spent, so the balance always returns to the float.

Cash short and over

The difference between the cash expected in the till and the amount counted at closing; a shortage is debited and an excess credited in the books.

Active listening

Fully concentrating on the speaker and confirming understanding by paraphrasing, asking clarifying questions and noting key points instead of planning a reply.

STAR method

An interview answering technique that describes the Situation, the Task you faced, the Action you took and the Result achieved, giving a concrete personal example.

Seven Cs of communication

Clear, concise, concrete, correct, coherent, complete and courteous - a checklist for making spoken or written retail messages easy to understand and act on.

5S workplace method

Sort, Set in order, Shine, Standardise and Sustain; a housekeeping discipline that keeps retail backrooms and sales floors clean, safe and easy to work in.

PASS technique

Fire extinguisher procedure: Pull the pin, Aim at the base of the fire, Squeeze the handle and Sweep side to side, used only on small fires by trained staff.

POSH Act 2013

Indian law against sexual harassment at the workplace; every establishment with ten or more workers must constitute an Internal Committee and display the complaint mechanism.

Break-even point

The sales volume at which total revenue equals total cost, calculated in units as fixed cost divided by selling price minus variable cost per unit.

Markup vs margin

Markup is profit as a percentage of cost, margin is profit as a percentage of selling price; an item bought at 80 and sold at 100 gives 25 percent markup and 20 percent margin.

MUDRA loan

A government-backed MSME loan scheme in three tiers - Shishu up to 50,000 rupees, Kishore 50,000 to 5 lakh, and Tarun 5 to 10 lakh.