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NRF Business of Retail Chapter 1_ Retail Industry Overvi WITH COMPLETE ANSWERS
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NRF Business of Retail Chapter 1_ Retail Industry Overvi WITH COMPLETE ANSWERS
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EUNICENRF Business of Retail Chapter 1: Retail Industry Overview
WITH 100% SURE ANSWERS
Terms in this set (23)
Retail the process of selling products and/or services to customers in order to earn a profit
retailer a business or person that sells products and/or services to customers
Customers shoppers, those who purchase goods and services from a business
products merchandise, are physical goods that are bought and sold
intangible (Can't be physically owned by the customer) transactions such as lawn
services
mowing, hair care, personal trainers
An interconnected system of approaches for meeting the goal of retailing, which is
retail ecosystem to provide customers with the merchandise and services they want- when, where,
and how they want to experience and purchase them.
a retail model that offers customers the opportunity to interact with the multiple
multichannel retailing options in their ecosystem. These may or may not be systemically connected to each
other.
a multichannel approach to sales that seeks to provide a seamless shopping
omnichannel retailing experience to customers whether they are shopping online from a desktop or
mobile device, by telephone, or in a brick-and-mortar store
a retailer owned by a single person or partnership and not operated as part of a
independent retailer
larger retail institution
A business that has shareholders through publicly traded stock, and usually has
Corporation
centralized decision making for its multiple store locations
Even though ownership is typically limited to a single or small number of owner
private company investors, private businesses can be large companies with many retail locations and
centralized business operations.
a company grants a license to another entity to market and sell its products or
franchise services in a particular area; consistency in the customer experience across stores
can be challenging under this model
distribution channel the path through which products or services get to customers
manufacturer an entity that produces finished products
An entity that buys large quantities of products directly from the manufacturer and
wholesaler
then sells smaller amounts of the products to different retailers
the help, information and recommendations that company representatives give
customer service
people who explore or buy the company's products and/or services
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