Mindset
Customer who makes quick purchase decisions, often for inexpensive items that don't have a high importance to the buyer.
What is an impulse buyer?
An entity that produces a finished product(s).
What is a manufacturer?
A retail business owned by an individual. Typically, a single store or a small, regional chain.
What is an independent retailer?
Physical goods that are bought and sold, such as food, clothes and household items.
What are products?
The process of selling products and/or services to customers to earn a profit.
What is retail?
A buyer who wants to find out what's trendy before making a purchase. The have a more cautious mindset and are reluctant to be first.
What is a follower?
An entity that buys large quantities of products directly from the manufacturer and then sells smaller amounts of the products to different retailers.
What is a wholesaler?
What is a private company?
Intangible transactions, such as lawn mowing, hair care services, personal training, ride sharing and video sharing.
What are services?
Providing customers with the merchandise and services they want - when, where and how they want to purchase them.
What is the goal of retailing?
A customer who is motivated to be one of the first to purchase the product or service. They have an adopter mindset and want to be recognized as a trendsetter.
What is an innovation/trend buyer?
A warehouse that stores and distributes goods to customers, retailers, or wholesalers.
What is a distribution center?
A business that has shareholders through publicly traded stock, and usually has centralized decision making for its multiple store locations.
What is a corporation?
The help, information and recommendations that company representatives give to people who explore or buy its products and/or services.
What is customer service?
What is the retail ecosystem?
A shopper who views shopping as a fun occasion, rather than looking for specific merchandise. They focus on adventure and leisure.
What is a recreational shopper?
A business or person that sells products and/or services to customers.
What is a retailer?
A license granted to another entity to retail a company's products or services in a particular area.
What is a franchise?
The delivery of a positive, memorable experience that is more than what the customer expected.
What is quality customer service?
A retail model that offers customers the opportunity to interact with the multiple options in their ecosystem. These may or may not be connected to each other.
What is multichannel retailing?
A shopper who spends a lot of time checking out products and prices through online sites, visiting different stores, comparing retailer ads and/or getting the opinions of others.
What is a comparison shopper?
People who purchase goods or services from a business.
What is a customer?
The percentage of retailers that have just one location.
What is 95%?
A shopper who repeatedly chooses to shop at the same retailer over others, usually because of positive customer experiences with the retailer and their products and/or services.
What is a loyal customer?
A retail model that integrates multiple channels of a retail ecosystem to create a seamless onsumer experinece through the use of technology.
What is omnichannel retailing?