Chapter 1.1definitions
This is the process of selling products and/or services in order to earn a profit.
What is retail?
This is an interconnected system of approaches designed to meet the goal of retailing, which is to provide customers with the merchandise and services they want.
What is a retail ecosystem?
This type of ownership is a single store or a small retail chain. These retailers are able to tailor their offerings to meet the needs of local customers.
What is independent?
This term describes a grower of potatoes.
What is a manufacturer?
This is the overall impression gathered from information that is seen, heard, and experienced by customers who encounter a business, its products and services.
What is the company brand?
This is s business or person that sells products and/or services.
What is retailer?
This offers customers the opportunity to interact with multiple channels.
What is multichannel retailing?
This business is owned by shareholders through publicly traded stock.
What is a corporation?
This is the term for distributing merchandise from manufacture's to a retailer's location
What is allocation?
This refers to the help, information, and recommendations that company representatives give people who explore or buy its products and/or services.
What is customer service?
These individuals, also called shoppers, are people who purchase goods or services from a business.
What are customers?
This integrates the channels to create seamless consumer experience.
What is omnichannel retailing?
Even through ownership, this type of retail is typically limited to a single or small number of owner investors.
What is a private company?
This term describes filling a store's supply as it runs low as customers purchase the product.
What is replenishment?
This refers to delivering a positive, memorable experience that is more than what the customer expected.
What is quality customer service?
This, also called merchandise, are physical goods that are bought and sold, such as food, clothes, and household items.
What are products?
This person produces finished products, such as clothes, light bulbs, and frozen pizza
Who is a manufacturer?
In this type of ownership, a license is granted to another entity to retail a company's products or services in a particular area: consistency in the customer experience is critical.
What is a franchise?
This refers to a time an item remains usable, salable or fit for consumption.
What is shelf life?
This is defined as the measure of how happy a customer is with a specific transaction and with their overall experience with the retailer
What is customer satisfaction?
These are intangible, meaning they can't be physically owned by the customer.
What are services?
This person buys large quantities of products directly from the manufacturer and then sells smaller quantities to retailers.
Who is a wholesaler?
How many jobs does retail support in the US?
1 in 4 jobs or 20%?
This is defined as reductions to the original selling price of items that are taken in order to encourage rapid sales.
What are markdowns?
After 1 negative experience, approximately what percentage of people say they will never do business with that company again?
What is 50%