Retail Basics
What is the definition of retail?
The sale of goods or services directly to consumers for personal use.
What is customer service in retail?
Assisting customers before, during, and after a purchase to ensure satisfaction.
What is target marketing?
Focusing marketing efforts on a specific group of consumers who are most likely to buy a product
What is the main goal of advertising in retail?
To inform and persuade potential customers to buy a product or service.
What is consumer behavior?
The study of how individuals make decisions to spend their resources on consumption.
Name two types of retail businesses.
Brick-and-mortar stores and online retailers.
Why is good customer service important in retail?
It leads to customer loyalty, positive reviews, and increased sales.
What is a “brand”?
A name, term, design, or symbol that distinguishes a seller's products from others.
Give an example of a promotional strategy.
Discounts, coupons, buy-one-get-one-free offers, or seasonal sales.
What is “impulse buying”?
Making an unplanned purchase, often driven by emotion or convenience.
What is the primary goal of a retail business?
To sell products or services to consumers and make a profit.
What is a “return policy”?
Guidelines set by a store about how customers can return or exchange products.
What are the “4 Ps” of marketing?
Product, Price, Place, and Promotion.
What is the difference between advertising and promotion?
Advertising is a long-term strategy to build awareness, while promotion is a short-term tactic to boost sales.
How can retailers influence consumer behavior?
Through store layout, promotions, product placement, and targeted advertising.
What is a “supply chain” in the context of retail?
A system of organizations, people, activities, information, and resources involved in moving a product from supplier to consumer.
Give an example of good customer service.
Greeting customers, helping them find products, offering assistance, or resolving complaints quickly.
Explain the term "customer demographics."
Characteristics of a customer group, such as age, gender, income, and education level.
What is “social media marketing”?
Using platforms like Facebook, Instagram, or Twitter to promote products and engage with customers.
What is a “customer feedback survey”?
A questionnaire used to gather customer opinions and experiences about a product or service.
Describe the difference between "wholesale" and "retail."
Wholesale involves selling goods in bulk to businesses who then resell them, while retail is selling products directly to the end consumers.
What does the term “upselling” mean in retail?
Encouraging customers to buy a more expensive item or add additional features or services.
What is “brand loyalty”?
When customers consistently choose a specific brand over others due to satisfaction or preference.
How does word-of-mouth advertising work?
When satisfied customers recommend a product or service to others, creating free promotion.
What is “psychological pricing”?
A strategy that uses prices that make a product seem cheaper (e.g., $9.99 instead of $10) to influence buying decisions.