DEFINITIONS
What are physical goods that are bought and sold?
Products/Merchandise
What is the distribution channel?
A path through which a product travels from its created to when it reaches the customer.
What is selection?
Getting and offering products that customers want.
True or False: McDonalds, Coca-Cola, and Walmart are examples of PRIVATE companies.
FALSE
Who are people that purchase goods or services from a business?
Customers
What is multichannel retailing?
A retail model that offers customers the opportunity to interact with the multiple options in their ecosystem. This can or cannot be systematically connected to each other.
What are markdowns?
Promotional discounts, sale prices, and specials offered by retailers to entice customers to purchase products and drive sales in the short term
Black Friday / Cyber Monday
What is the process of selling products and/or services to customers to earn a profit?
Retail
What is omnichannel retailing?
A retail model that integrates multiple channels of a retail ecosystem to create a seamless consumer experience through the use of technology (Amazon).
Give an example of a job a person might have in a distribution center.
POSSIBLE ANSWERS:
1. Logistics
2. Inbound
3. Picking
4. Packing
5. Outbound
6. Facilities and Maintenance
How are a majority of businesses owned?
Independently Owned
What can't be physically owned, but still purchased by customers?
Services
Give three examples of retail channel forms.
POSSIBLE ANSWERS:
1. Physical stores
2. Direct or phone sales
3. Online or e-commerce sites
4. Apps
5. Targeted Marketing
6. Experiences
7. Services
8. Amenities
9. Interactions
What is allocation?
The distribution of merchandise from the manufacturer to a retailer's locations which may include stores, distribution centers, or other locations.
Approximately what percentage of U.S. jobs are retail jobs, as of 2019?
What is the retail ecosystem?
The interconnected system of approaches designed to meet the goal of retailing.
What is the order of THE DISTRIBUTION CHANNEL (for most retailers)?
1. Manufacturer
2. Wholesaler
3. Retailer
What is the order of the RETAIL PRODUCT CYCLE?
1. Selection
2. Allocation
3. Distribution
4. Selling
5. Markdowns
What is the goal of retailing?
To provide customers with the merchandise and services they want, when, where, and how they want to experience and purchase them.