The Retail Ecosystem
What is the process of selling products and/or services to customers in order to earn a profit?
Retail
What is it called when you shop at a physical store?
Brick and mortar
How many jobs in the US are supported by retail?
55 Million
What should we sell or what products we offer to customers is called what?
Product Selection
What is the time an item will become unusable, salable, or fit for consumption?
Shelf life
What are people who purchase goods or services from a business?
Customers
What is the term for the retailing approach that places the focus on creating a seamless shopping experience for customers by integrating multiple channels?
Omnichannel
How many jobs in Ohio are supported by retail?
2 million
How we decide who gets how much is called what?
Product Allocation
What is on-hand inventory?
Merchandise that is currently physically available to sell.
What percent of retailers are independently owned?
98%
What is the term for when stores offer multiple channels to shop, but they are not interconnected?
Multichannel
One in how many jobs are retail in the US?
1 in 4 jobs
How the products get there is called what?
Product distribution
What is a markdown?
A reduction in the original selling price.
What is the term for intangible things, such as providing delivery, that are sold by retailers?
Services
What is the term for an interconnected system of approaches designed to meet the goal of retailing, which is to provide customers with the merchandise and services they want?
Retail ecosystem
What is a commitment to create a net positive environmental, social and community benefits
Sustainability
What do we do if the product doesn't sell?
Markdown
How much the customer will pay.
What term describes a grower of potatoes?
Manufacturer
What is the term for a retail strategy that focuses on creating engaging customer experiences rather than simply selling products?
Experiential Retail
Name one way that retail will benefit individual communities.
Volunteering, creating jobs, partnering with non profit organizations, supporting sustainability, etc...
Will the customer buy it is called what?
Selling
If a truck is delayed and merchandise cannot reach the store, there is a problem in which part of the product cycle?
Distribution