Retail Vocabulary
The process of selling products and/or services to customers to earn a profit.
Retail
Retailers use _______ both in stores and online
Technology
Name one step in the customer decision making process.
Need Recognition, Information Search, Evaluation of Alternatives, Purchase, Post-Purchase Evaluation
Post-Purchase Evaluation
Name one of the scenarios we have watched from What Would You Do?
Veteran with TBI
People who purchase goods or services from a business.
Customers
A customer who views shopping as a fun occasion, rather than looking for specific merchandise or services.
Recreational Shopper
Features that can be seen, touched, or heard
Physical Features
Susie is buying a car and is trying to decide between a Ford Fusion, Toyota Camry, or Kia K5 to purchase. Which stage of the decision making process is Susie in?
Evaluation of Alternatives
EFE: Name the example we used in class to explain the decision making process.
Marketing: Name one of the examples we used in class yesterday to explain product features.
EFE: Car Brakes
Marketing: Tesla, Airpods, Skateboard
Connect customers with the products and services they want and need to purchase.
Distribution Channel
Someone who compares prices and buys the product where they can find it cheapest.
Comparison Shopper
Information learned and used to help customers understand how a product or service will meet their needs.
Product Knowledge
An interconnected system of approaches for meeting the goal of retailing, which is to provide customers with the merchandise and services they want
Retail Ecosystem
Name the person who was featured in the Burlington Stores case study.
Jonathan Savoy
Who produces finished products.
Manufacturer
Name one way retail helps communities
Cycle that begins with a customer having a want or need and ends with customers and others becoming a loyal shopper
Customer Loyalty Life Cycle
What is the goal of retailing?
To provide customers with the merchandise and services they want—when, where, and how they want to purchase them.
Why is customer value is so important in retail?
Customer value is so important in retail because it can increase customer satisfaction and the customer experience.
Buys large quantities of these products directly from the manufacturer and then sells smaller amounts to retailers.
Wholesaler
What is the difference between multi-channel and omni-channel retailing?
Multi-channel sells the same product across multiple platforms, omni-channel sells the same product through one integrated system
Name one way retailers use technology
Makes tasks easier/faster, enable comprehensive data collection, communicate with customers, improve their competitive advantage, identify and minimize risks/liabilities
Name one example of a product distribution channel that we discussed in class on the presentation
1. Manufacturer, Wholesaler, Retailer, Customer
2. Manufacturer, Retailer Distribution Center, Retailer, Customer
3. Retailer, Manufacturer, Customer
The perception of what a product or service is worth to a customer against the possible alternatives.
Customer Value