Vocabulary 1
multichannel retailing
providing multiple distribution channels for consumers to buy a product
Innovator/Trend buyer
Have an early adopter mindset and want to be recognized as a trendsetter by others
Intuitive communication style
Communication style that Wants big picture ideas to determine what is importance and will lose interest in a conversation if there is too much structure
STAR method
A method of answering a behavioral interview question by explaining a situation, task, and action that led to a positive result
revolving credit
a type of open credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card.
Point of Sale (POS)
A data collection system that electronically receives and stores bar code information derived from sales transactions.
Define layaway
system where period payments are made on goods and upon final payment, the goods are delivered
Add-on services
available services for specific product purchases that customers can opt for (Payment options, product modifications, or other ways customers can protect their purchases)
active listening
the practice of hearing and understanding what a speaker is saying out loud and any messages suggested behind the words
Worth
the satisfaction the customer feels after obtaining/experiencing the benefits from the promised product or service
loyalty programs
specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time
Upselling
The act of highlighting or revealing an extra value of a product or directing the customer's attention to other products that may better satisfy their need, even when they may be more expensive
Visual Merchandising
the presentation of a store and its merchandise in ways that will attract the attention of potential customers
Warranty
A type of add on service in which the manufacturer promises to repair or replace the item for a specific period of time
wholesaler
A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.
omnichannel retailing
a multichannel approach to sales that seeks to provide a seamless shopping experience to customers whether they are shopping online from a desktop or mobile device, by telephone, or in a brick-and-mortar store
Cross- selling
demographic data
selling additional products or services to an existing customer- may contribute to a better or more complete experience for the customer
statistical data about the characteristics of a population, such as the age, gender and income of the people within the population
Company Brand,Company culture
the overall impression gathered from information that is seen, heard, and experienced by customers who encounter a business, its products and its services
A company's behavior, attitudes, values, and habits.
QR (quick response) codes
Technology that lets any piece of print in the real world host a live link to online information and video content.
Universal Product Code (UPC)
bar code printed on a label that has information about the item to which it is attached (description, price, tax status, discounts, promotions, etc.)
acronym for SMART and what is the system
SPECIFIC MEASURABLE ATTAINABLE REALISTIC TIMELY Applies to your financial, sales, media, and marketing goals. it can also be used to test your mission statements effectiveness.
Information Technology (IT)
the computers and other electronic devices used to store, retrieve, transmit and manipulate data (think POS point of sale)
what does
analytical communication style
and
breakaway statements
in terms of marketing mean
A communication style in which a person tends to ask a lot of questions and behave methodically.
phrases used to smooth the transition between one customer and the next one ( ex- 'Would it be OK if I grab a few items for another customer)
Private label products (store brands or in house brands)
products developed by national or international manufacture and then sold under another brand name that is available only at that retailer's name
follower
franchise
functional communication on style
a shopper who wants to find out what's trendy before making a purchase. often look for established brands.
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
refers to the fact a person wants to communicate - wants process, detail, timelines and well thought out plans