What is Retail
Is the process of selling products and/or services to customers to earn a profit.
Retail
Shoppers, are people who purchase goods or services from a business.
Customers
A customer with this mindset spends a lot of time checking out products and prices through online sites, visiting different stores or looking other places.
Comparison Shopper
Give an example of an independent business?
Lynseys, etc.
The reason someone behaves a certain way, influences the way consumers make purchase decisions.
Motivation
Also called merchandise, are physical goods that are bought and sold, such as food, clothes, and household items. These are Tangible items.
Products
Are intangible (they can’t be physically owned by the customer) transactions, such as lawn mowing, hair care services and personal training.
Services
The customer views shopping as a fun occasion, rather than looking for specific merchandise or services.
Recreational Shopper
Give an example of a coporation
Walmart, etc.
Is a user who has established credibility in a specific industry or content area, has access to a huge audience through their follower network and can persuade others to act based on their recommendations.
Social Media Influencer
Who produces finished products, like toys and frozen hamburger patties.
Manufacturer
Buys large quantities of these products directly from the manufacturer and then sells smaller amounts to retailers.
Wholesaler
The customer is driven by their needs and nothing more.
Mission Driven Shopper
Give an example of a private company?
Meijer
Is defined as the help, information and recommendations that company representatives give to people who explore or buy its products and/or services.
Customer Service
Interconnected system of approaches for meeting the goal of retailing which is to provide customers with the merchandise and services they want, when, where and how they want to experience and purchase them
Retail Ecosystem
Enables Voice activated ordering (for example, you can order products from amazon with alexa)
Artificial Intelligence
The shoppers mindset allows quick purchase decisions, often for inexpensive items that do not have a high importance to the buyer.
Impulse Buyer
Give an example of a franchise
Mcdonalds
Is delivering a positive memorable experience that is more than what the customer expected.
Quality Customer Service
Offers customers the opportunity to interact with the multiple options in their ecosystem
Multichannel
Customers have the opportunity to interact with all the available channels in the retail ecosystem.
Omnichannel Retailing
Innovation/Trend Buyer
98% of these retailers are what type of business?
Small Business/Independent
The five stage decision making process includes?
1. Need Recognition
2. Information Search
3. Evaluation or Alternatives
4. Purchase
5. Post Purchase Evaluation