Retail Basics
This is the process of selling products or services directly to customers for profit.
What is retail?
The company that produces finished goods like toys or food products.
What is a manufacturer?
A retail store owned and operated by a single person or small group.
What is an independent retailer?
Choosing the right products to sell to customers.
What is product selection?
This term refers to physical goods like clothing, food, and electronics.
What is merchandise or products?
This business buys large amounts of goods from manufacturers and sells smaller amounts to retailers.
What is a wholesaler?
A large business structure owned by shareholders.
What is a corporation?
The process of distributing merchandise to store locations or distribution centers.
What is allocation?
These are purchases customers cannot physically own, such as haircuts or lawn care.
What are services?
The overall system that moves products from manufacturers to customers.
What is a distribution channel?
A business owned by individuals or investors that is not publicly traded.
What is a private company?
The movement of products from warehouses to retail stores.
What is distribution?
The main goal of retail is to provide customers with merchandise when, where, and ___ they want to buy it.
How.
The final business in the distribution channel that sells directly to customers.
What is a retailer?
A business model where individuals buy the rights to operate a brand’s store.
What is a franchise?
The amount of time a product remains usable or able to be sold.
What is shelf life?
The people who purchase goods or services from a business.
Who are customers or shoppers?
This type of retail connects online and in-store shopping into one seamless experience.
What is omnichannel retailing?
The stage where employees interact with shoppers and complete purchases.
What is selling and customer service?
A price reduction used to encourage customers to buy items faster.
What is a markdown?