WBBSE Madhyamik Vocational Organised Retailing flashcards

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

Organised retailing

Retail activity conducted under a registered business with standardised systems, branded signage, trained staff and centralised accounting, in contrast to informal owner-run kirana or hawker trade.

Place utility

The value created by moving goods from where they are produced to where buyers need them; a retailer provides it by stocking goods in the local market.

Gross margin

The difference between the selling price of goods and their cost price, before deducting operating expenses such as rent, wages and electricity.

Department store

A large store selling many categories such as apparel, home goods and cosmetics, each managed as a separate department, with centralised billing and medium-to-high service.

Hypermarket

A very large retail store combining a supermarket and general merchandise under one roof, offering low prices and high volume, usually located on city outskirts with parking.

Convenience store

A small store with long opening hours, located near residential areas, selling a narrow range of fast-moving essentials at slightly higher prices.

Franchisee

An independent operator who runs a retail outlet under an established brand and system, paying an initial fee plus royalty on sales to the franchisor.

Category killer

A very large specialty store with deep assortment in one category and aggressive pricing, which draws customers away from smaller general retailers in that category.

Service recovery

The process of responding to a customer complaint by listening, apologising, correcting the problem quickly and fairly, and following up to restore trust.

Active listening

A communication technique where the listener faces the speaker, stops other work, lets them finish, paraphrases the need back and confirms understanding before acting.

Communication noise

Any interference in the sender-to-receiver message path, such as crowd sound, poor audio, language difference or distraction, that distorts what the customer hears.

Grievance escalation

Referring a customer complaint to a supervisor or manager when the solution needed lies outside the staff member's authority or policy limits.

Assortment depth

The number of variants such as size, colour and brand available within a single product category; specialty stores usually carry greater depth.

Open-to-buy

The planned purchase value for a period minus merchandise already ordered or received; it sets the maximum additional stock a buyer can commit.

Markdown percentage

The reduction from the original selling price expressed as a percentage: original price minus reduced price, divided by original price, multiplied by one hundred.

Planogram

A diagram that shows exactly where each stock-keeping unit sits on a fixture, fixing facings, shelf level and space allocation per product.

Decompression zone

The first few feet inside a store entrance where shoppers slow down and adjust; it is kept uncluttered, with the welcome display placed just beyond it.

End-cap display

The display at the end of an aisle, used to highlight promoted or impulse products and to draw shoppers down the aisle.

Grid store layout

A layout of long parallel aisles at right angles, giving maximum shelf space and easy navigation; it suits supermarkets and grocery stores.

Point of sale terminal

The checkout device that records the sale, prints the bill, updates stock records and feeds the day's sales report, usually through barcode scanning.

Cash float

The fixed amount of small notes and coins kept in the till at opening so that change can be given before any sales are made.

Sweethearting

A point-of-sale fraud where a staff member deliberately under-bills, voids items or gives free goods to friends and relatives.

Day-end cash reconciliation

Matching expected closing cash, calculated as opening float plus cash sales minus refunds and payouts, against the physical cash counted in the drawer.

Reorder level

The stock quantity at which a fresh order is placed, calculated as average daily sales multiplied by lead time in days, plus safety stock.

Safety stock

Extra inventory held beyond normal expected demand to cover sudden sales spikes or supplier delays, so that selling does not stop.

ABC analysis

A stock classification by value where A items are few but high-value and tightly controlled, B items are medium, and C items are many but low-value.

Economic order quantity

The order size that minimises total ordering and holding cost, calculated as the square root of two times annual demand times ordering cost, divided by holding cost per unit.

Legal metrology

The law governing weights, measures and packaged goods, requiring net quantity, MRP, packing month and year, and consumer care details on pre-packaged items.

FSSAI licence

The registration or licence required for any food business in India, whose number and logo must appear on packaged food along with ingredients and best-before date.

FEFO rotation

First-expiry-first-out: stock is arranged so the batch with the earliest expiry date is sold first, essential for perishables, dairy and medicines.

Break-even point

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

Working capital cycle

The sequence cash, buy stock, hold stock, sell and collect cash; a shorter cycle means less money is locked up in inventory.