Vocabulary Words
Retail
The process of selling products and/or services to customers to earn a profet
first step in the retail product cycle?
selection
What is your name? is an example of a closed or open ended question
Closed
The people who purchase goods or services from a business are called
customers
The first step in the customer loyalty life cycle?
The customer has a want or need
Retailer
A business or person that sells products and/or service to customers in order to earn a profit
The second step in the retail product cycle?
Allocation
Did you find what you needed? is an example of open or closed ended question
Closed ended
What is a manufacturer?
They produce finished products
The customer has a want or need, which leads to step 2 in the customer loyalty life cycle, which is?
The customer considers different purchase options
The difference between products and services
Products are tangible (can be touched) that can be bought and sold (such as food, clothes, etc.); services are intangible (cannot be touched) that can't be physically owned by customers (hair cut, etc.)
What step comes after selling in the retail product cycle?
Markdowns
How would you like your hair cut? is an example of open or closed ended questions
Open ended
Holds large quantities of product often from a manufacturer and the products are usually later sent to the stores
Distribution centers
The customer has a want or need (step 1). The customer considers different purchase options (step 2). Step 3 is the customer continues shopping or the customer chooses a buying option
The customer chooses a buying option
Offers customers the opportunity to interact with multiple channels, such as online or in-store but the channels are not connected
multichannel retailing
In the retail product life cycle, its selection, allocation and then what comes next?
Distribution
These type of questions cannot be answered with a yes or no answer
Open ended
Specialized barcodes that contain product or store information is called mobile app, QR code or digital signage
QR code
Step 4 of the customer loyalty life cycle is the customer has a good customer service experience and purchases from the retailer again or never purchases from the retailer again
Purchases from the retailer again
The time an item remains usable or fit for consumption
shelf life
The term for distributing merchandise from the manufacturer to a retailer's locations
Allocation
These types of questions can be answered with a yes or no or one word answer
Closed ended
Listening or active listening means you ae hearing and understanding what a speaker is saying out loud and any messages suggested behind the words
active listening
The last step of the customer loyalty life cycle the customer does 2 things, can you name one of them
1) tells others about the good experience
2) becomes a loyal shopper