What is Retail
What is Retail #2
Customer Mindsets
Types of Retailers
Costumer Experience/Consumer Behavior
100

Is the process of selling products and/or services to customers to earn a profit.

Retail

100

Shoppers, are people who purchase goods or services from a business.

Customers

100

A customer with this mindset spends a lot of time checking out products and prices through online sites, visiting different stores or looking other places. 

Comparison Shopper

100

Give an example of an independent business?

Lynseys, etc. 

100

The reason someone behaves a certain way, influences the way consumers make purchase decisions. 

Motivation

200

Also called merchandise, are physical goods that are bought and sold, such as food, clothes, and household items. These are Tangible items.

Products

200

Are intangible (they can’t be physically owned by the customer) transactions, such as lawn mowing, hair care services and personal training.

Services

200

The customer views shopping as a fun occasion, rather than looking for specific merchandise or services. 

Recreational Shopper

200

Give an example of a coporation

Walmart, etc. 

200

Is a user who has established credibility in a specific industry or content area, has access to a huge audience through their follower network and can persuade others to act based on their recommendations. 

Social Media Influencer

300

Who produces finished products, like toys and frozen hamburger patties.

Manufacturer

300

Buys large quantities of these products directly from the manufacturer and then sells smaller amounts to retailers.

Wholesaler

300

The customer is driven by their needs and nothing more. 

Mission Driven Shopper

300

Give an example of a private company?

Meijer

300

Is defined as the help, information and recommendations that company representatives give to people who explore or buy its products and/or services. 

Customer Service

400

Interconnected system of approaches for meeting the goal of retailing which is to provide customers with the merchandise and services they want, when, where and how they want to experience and purchase them

Retail Ecosystem

400

Enables Voice activated ordering (for example, you can order products from amazon with alexa)

Artificial Intelligence

400

The shoppers mindset allows quick purchase decisions, often for inexpensive items that do not have a high importance to the buyer. 

Impulse Buyer

400

Give an example of a franchise

Mcdonalds

400

Is delivering a positive memorable experience that is more than what the customer expected. 

Quality Customer Service

500

Offers customers the opportunity to interact with the multiple options in their ecosystem

Multichannel

500

Customers have the opportunity to interact with all the available channels in the retail ecosystem.

Omnichannel Retailing

500
It is important to this person to be one of the first to purchase the newest technology, fashion or car, or eat at the restaurant that just opened.

Innovation/Trend Buyer

500

98% of these retailers are what type of business?

Small Business/Independent

500

The five stage decision making process includes?

1. Need Recognition

2. Information Search

3. Evaluation or Alternatives

4. Purchase

5. Post Purchase Evaluation