Definitions
Stock Keeping Unit. It helps stores keep track of the things that they are selling.
You shouldn't ask multiple questions or be overly talkative with this type of shopper.
Who is a reserved/shy shopper?
This term best describes hearing and understanding what a speaker is saying out loud and any messages behind the words.
What is active listening?
This term describes reducing the price of an item to encourage sales
What is markdown?
This is a term for intangible things, such as providing delivery, that are sold by retailers.
What are services?
Point of sale. The machines that take orders and keep track of inventory.
You have to be careful not to be too familiar or assume an instant friendship with this type of shopper.
Who is an outgoing shopper?
This term is the overall impression gathered from information that is seen, heard, and experienced by customers who encounter a business, it's products, or services.
What is company brand?
As of 2019, this percentage of jobs were retail jobs.
What is 20-25%?
These are people that buy things from store.
What are customers?
What does the GMROI tell you about your business?
It tells you how much money you are making and how efficient you are at making profit.
This type of shopper prefers to browse. You should not hover near them and make them uncomfortable
Who is a recreational shopper?
These are things that a manufacturer produces.
What are finished products?
This term is for the retailing approach that places the focus on creating a seamless shopping experience for customers by integrating multiple channels
What is omnichannel?
This is the term for physical goods that are bought and sold.
What are products?
What is a retailer?
Anyone who sells things to make money.
This type of shopper needs more information in order to make a purchase decision
Who is a comparison shopper?
This holds large quantities of product that are later sent either to retail locations or directly to customers.
What is a distribution center?
This type of ownership are the majority of retailers.
What is independently owned?
This is how many jobs do retailers support in the United States?
1 in 4 or 20%
Making different sources of retail available to your customers (like phone, computer, and brick and mortar stores.).
This is the best way to demonstrate that you have understood a customer.
What is restate and summarize their needs?
This term describes distributing merchandise from the manufacturer to the retailer.
What is allocation?
This term describes a grower of potatoes.
What is a manufacturer?
This percentage of retailers have just 1 location.
What is 95%?