Vocabulary
The process of selling products and/or services to customers in order to earn a profit.
What is Retail
What is Indirect Competitors
In- store service store consisting mainly of grocery and limited products
What is a grocery store
Typically a single store, a small, regional chain or an entrepreneur
What is a Independent Retailer
checkouts enable customers to complete customer transactions with limited store associate assistance
What is Self Checkout
People who purchase goods or services from a business
What is a customer
At&t vs Verizon
What is Direct competitors
Usually a wide selection of products from homeware to clothes to children's toys.
A business owned by shareholders through publicly traded stock
What is a Corporation
Software that imitates elements of human intelligence in order to perform useful tasks
What is AI (Artificial Intelligence)
Also called merchandise
What is a product
Krispy Kream vs Chic Fil A
What is indirect competition
Provides a wholesale experience
What is a warehouse store
Ownership of these companies is limited to single or small number of investors but can also be large companies with many locations
What is a private company
A way to save paper, increase convenience and reduce waste but ensure customer have receipts
Businesses with similar products and/or services that are trying to appeal to the same customer audience.
What is competitors
Lowe's vs Nike
What is replacement competitors
Typically sales high quality clothes with less room for stock
What is a boutique
A company grants a license to another entity to market and sell its products or services in a particular area
What is a Franchise
Customers can receive curated merchandise shipped directly to them or available to them on a regular basis
What is a subscription
Within a store, it might be on the sales floor or in the back room. Each individual item is considered a piece, or item of inventory
What is Total Retail
Planet Fitness vs Walmart
Newest and increasingly most popular retail channel
What is online shopping/ online retail