Retail Industry
On average, how many jobs in the US are directly or indirectly tied to retail?
55 million
Define "products".
Sometimes called "merchandise", these are physical goods that are bought and sold by a retailer.
What is the role of a manufacturer?
A manufacturer creates finished products that are either sold directly to customers or purchased by other businesses (retailers or wholesalers).
Name one factor that retailers consider when selecting inventory items.
Customer preference, brand fit, staff training needed, competitors, shelf life, manufacturer incentives, store location, available space.
Name 2 types of retail ownership models.
Independent, Corporation, Private, and Franchise.
Define "services".
Intangible benefits that a retailer provides to a customer.
What is a distribution channel?
How products and services flow from manufacturers to customers. Distribution models can vary.
What is the term for when a retailer lowers a product or service's price to make it sell faster?
Markdown
What is the definition of "retail"?
The process of selling products and/or services to customers in order to earn a profit.
Define "seasonal merchandise".
Merchandise that is only available at certain times of the year.
How are "Wholesalers" and a "Distribution Centers" different?
A "wholesaler" buys large quantities of finished products from manufactures to sell to customers and retailers.
Large retailers store merchandise at "distribution centers" for later replenishment of regional stores.
During allocation, what 3 locations might a retailer send merchandise purchased from a manufacture?
Warehouses, distribution centers, and stores.
What is the most common type of retail ownership?
Independent
Define "replenishment".
When a Distribution Center sends more merchandise to a retail store that is low on inventory.
What is an example of a "retail ecosystem"?
Multichannel or omnichannel retail ecosystem.
Name one job role at a Distribution Center.
Logistics, Inbound, Picking, Packing, Outbound, Facilities and Maintenance.
Name one way that retail gives back to communities.
Volunteering, joining civic organizations, sponsoring events and clubs, and sustainability initiatives.
Define "ecommerce".
Retail that takes place through online websites and mobile apps.
How is omnichannel retailing different from multichannel retailing?
Omnichannel retailing integrates the channels, through the use of technology, to create a seamless customer experience.
What is the Retail Product Cycle?
It describes the repetitive process where retailers choose, distribute and sell items to customers (online or in-store).