Retail 101
The process of creating, communicating, delivering and exchanging goods and services which hold value for consumers.
What is marketing?
Someone who oversees the production of a product.
What is a manufacturer?
A marketing strategy meant to entertain, persuade, inspire and educate an audience.
What is content marketing?
This type of shopping is also known as "e-commerce".
What is online shopping?
The collection and analysis of data about consumers, competition and the environment of a particular target market.
What is market research?
Physical objects produced by manufacturers and producers to be sold to consumers.
What are goods?
Makers and suppliers of goods and services.
What are producers?
The use of social media applications and channels to connect with audiences & build a brand.
What is social media marketing?
These types of retail outlets sell groceries, convenience products and household goods.
What are supermarkets?
The paths a product takes from production to consumption.
What is a distribution channel?
Actions done or provided by others in exchange for payment.
What are services?
A person or business which sells goods to the public.
What is a retailer?
The process of increasing the number of visitors to a company’s website by making the website more visible to search engines.
What is search engine optimization?
These stores have several locations, a shared brand, central management and standardized business practices.
What are chain stores?
When products pass through intermediaries like wholesalers and retailers before reaching the final consumer, they are sold through these types of channels.
What are indirect marketing channels?
The basic materials used to make a product.
What is a raw good?
A third party acting as a middleman between connecting people and things.
What is an intermediary?
The strategy of targeting previous visitors of a website but have yet to purchase the product or service.
What is retargeting?
These stores offer an assortment of goods and services at low prices and fixed quantities.
What are warehouse clubs?
When a manufacturer sells products directly to consumers without using intermediaries like wholesalers or retailers, they are using this type of channel.
What is a direct marketing channel?
The combined group of the tangible good or service and its prices as offered by the company.
What is an offering?
Final recipient of the goods or services after passing through manufacturers, intermediaries, distributors, and retailers.
What is the consumer or customer?
Marketing strategies assist businesses in reaching these people through marketing and advertising campaigns.
What are target audiences?
These large stores are often split up into categories like clothing, furniture, appliances, cosmetics or sporting goods.
What are department stores?
A collection of fields which rely on services and skilled craftspeople such as electricians, carpenters, plumbers and construction workers.
What is the trade industry?