Vocabulary
The sale of goods or services to the final customer for personal use
Retail
a business that makes products
Manufacturer
What type of jobs are the leading indicator on job growth?
RETAIL!!
physical store, website, mobile app, and social media are examples of these...
Channels
This type of ownership is owned by 1 person who makes all the decisions for their business.
Independent
The person or organization that buys a product or service
Customer
a business that buys products in large quantities and sells them to retailers
Wholesaler
Name one way the future of retail is changing:
AI
AR
Automation
channels are connected to create ONE seamless customer experience
Omnichannel Retailing
This type of ownership is owner by 1 person but has to following the rules of the parent company.
Franchise
a business that sells products or services directly to customers
Retailer
Retailers
What is geotargeting?
using a customer's location to deliver relevant marketing or offers
a retailer uses MORE THAN ONE channel to reach customers.
Multichannel Retailing
This type of ownership is where a company owns all stores and makes all their decisions.
Cooporation
The final piece of the retail ecosystem involves this person who buys goods and services.
Customer
What do retailers use data and technology to determine?
Customer needs/wants
If Target sells certain clothing in store, but different clothing online, what type of retailing is this?
Multichannel
Joe and John's pizza shop down the street is an example of this type of ownership...
Independent
deciding how much product should be sent to each store or location
Allocation
Give an example of a retail business:
McDonald's
Subway
Target
Walmart
etc.
What percentage of Ohio jobs are retail jobs?
23.9%
Provide an example of an omnichannel retailing experience:
Joe uses the Walmart App to order groceries and picks them up in store.
A Subway is an example of this type of ownership...
Franchise