Chapter 1 Welcome to Retail Definitions
a store which sells directly to customers. - ANS-Retail
A business or person that sells products and/or services to customers - ANS-Retailer
People who purchase goods or services from a business - ANS-Customers
Physical goods that are brought and sold. - ANS-Products
Intangible, can not be physically owned by the customer - ANS-Services
Produces finished products - ANS-Manufacturer
Buys large quantities of products directly from the manufacturer and then sells smaller amounts
of retailers - ANS-Wholesaler
An interconnected system of approaches for meeting the goal of retailing, which is to provide
customers with the merchandise and services they want- when, where, and how they want to
experience and purchase them - ANS-Retail ecosystem
Offers customers the opportunity to interact with multiple options in their ecosystem -
ANS-Multichannel retailing
Integrates the channels to create seamless consumer experience through technology -
ANS-Omnichannel retailing
Typically a single store or a small, regional chain, these retailers are able to tailor their offerings
to meet the needs of local customers - ANS-Independent Ownership
A business owned by shareholders through publicly traded stock - ANS-Corporation
Even though ownership is typically limited to a single or small number of owner investors,
private businesses can be large companies with many retail locations and centralized business
operations - ANS-Private company
A license is granted to another entity to retail a customer's products or services in a particular
area; consistency in the customer experience is critical - ANS-Franchise
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