(Customer Service) Chapter #1 Vocabulary

Retail

a business that sells products and/or services to consumers Customers: go to retailers to purchase everything from clothes and food, to hair care services or a bus ticket

Stimulus

a cue (social or commercial) or a drive (physical) that motivates a person to act/spend

Entry-level position

a low level position in a store where a customer service associates begin their careers

Target market

defined customer who has the need desire and ability to buy their products; retailer identifies the characteristics and needs of these customers and tries to understand how they make purchase decisions

Bricks-and-mortar

describes the presence of a physical storefront and a face-to-face customer experience

Consumers

acquire products in stores, online, or even door-to-door

Convenience stores

aim to provide their customers with a convenient shopping experience; easily accessible with quick shopping and easy check-out; products usually come with higher prices

Closeout stores

an of-price retailer, offer an assortment of brand-name merchandise at significantly lower prices than the manufacturer's price; from manufacturers and retailers at roughly one-fourth of the price

E-commerce

buying and selling through the internet via and electronic device, such as a computer, smartphone or tablet

Wholesaler

buys large quantities of products directly from the manufacturer, breaks them into smaller units, and sells the smaller units to retailers

Corporate chain

company that operates multiples stores under common ownership and usually has centralized decision-making; companies are generally more capable of negotiating lower prices from wholesalers and manufacturers give their size

Follower

customer usually waits to see what the latest trends will be and is reluctant to try new products until friends have done so and have reported on them; buyers also look to established brands that they trust or have previously purchased

Comparison Shopper

customer who spends time checking out products through various advertisements, visiting different stores, or searching the internet for the best price or deal on an item; even after making a purchase, the comparison shopper is likely to return the item and purchase it at another store to get the best deal

Distribution Channel

enables products to flow from the manufacturer to the customer or end user; generally comprised of the: manufacturer, wholesaler, retailer, and customer, respectiv

department stores

general merchandiser; offer good service and a broad variety of products of mid-to-high quality

sales associate

the front line representatives of any retail business

Gross domestic product

the monetary value of all the finished goods and services produced within a country annually

Retail Channels

ways in which customers and consumers can purchase merchandise; includes; bricks-and-mortar, E-commerce, multichannel, and omnichannel

Five-stage decision-making

process customers/consumers go through before buying; process is as follows: need recognition, information search, evaluation of alternatives, purchase, post-purchase evaluation

manufacturer

produces the products

Demographics

quantifiable information such as household size, income, education, occupation, and place of residence

Retailer

receives, stores, displays, and sells the products to customers

Multichannel

retail operations offering customer transactions through multiple connected channels, including some or all of the following: bricks-and-mortar stores, online store sites, mobile apps, and the telephone

Pure play

retailers that started online and continue to do all their business that way Specialty store: focuses on deep but narrow assortment with high level of customer service; evolving to encompass many aspects of convenience stores, pharmacies now fall into the specialty store category

Post-purchase Evaluation

stage five of the five-stage decision-making process; customer will review how she felt about process; if happy with product will be more likely to repeat the purchase behavior, if not, the next time will reevaluate the alternatives and the purchase process

Purchase

stage four of the five-stage decision-making process; based on the choice of the best alternative, the customer now decides where to buy the selected product; criteria such as location, store image, customer service, and pricing will figure into this decision

Need recognition

stage one of five-stage decision-making; customer's recognition that some product or service might solve an identified problem or fulfill an identified need

Evolution of alternatives

stage three of the five-sage decision-making process; having enough information to elect from alternatives, the customer will mentally rank the alternatives based on his established criteria and decide which product to purchase

Information search

stage two of vie-stage decision-making; determining which goods or service will help solve the identified problem and comparing the available alternatives

Perishable donations partnership

started in 2008 by Lynn Marmer; empowers associates to identify meat, produce, dairy, and bakery items that can no longer be sold, but remain safe, fresh, and nutritious complements to dry goods donations and food banks

Outlet store

off-price stores that are owned by the manufacturer or retailer

Recreational Shopper

shops for fun; not looking for any particular merchandise, but enjoys walking through stores, trying on clothes, testing new appliances, and learning about new products; shopping does not necessarily mean making a purchase

Omnichannel

similar to multichannel retailing, but with focus on creating a seamless consumer experience through ay of the shopping channels: mobile, tablet,computer, bricks-and-mortar stores, television, radio, direct mail, and catalog

Discount stores

offer a board variety of merchandise, limited service and low prices

Off-price retailers

offer brand-name merchandise at a discount; typically consists of excess inventory, closeouts, and irregular items; falls into two categories: closeout stores and outlet stores

Impulse Buyer

person who makes quick purchase decisions; these purchases are often for fairly inexpensive items and do not have a high importance to the buyer

Wholesale club

some wholesale started selling products directly to customers; this places them in the unique role of both wholesaler and retailer, and typically require a membership

Innovative Customer

the buyer who wants to be the first to purchase the latest new fashion or technology, own the newest model car, eat at the newest restaurant, or see the latest movie; he/she wants to be the "trendsetter" and be recognized as such by friends and acquantances

Diverse Shopper

Diverse Shopper: buyer is hard to predict or understand; shops in many different places and is not obviously influenced by any one retail element

Franchise

license granted to another party to market a company's goods or services in a particular territory; fast-food restaurants are the most common example of franchising

direct selling

salespeople contact customers directly in a convenient location, often at a 9. customer's home; demonstrate product benefits; take orders; and deliver the products or perform services

Supermarkets

sell a wide variety of goods including food, alcohol, and medicine

Thrift stores

sell secondhand clothes and other household goods, typically to raise funds for a charitable institution;products are usually donated by individuals and businesses rather than purchased from a wholesaler or manufacturer

Independent Establishment

typically a single store or a small, regional chain; retailers are often able to tailor their offerings to meet the demand of the local consumer

Super centers

typically combine a supermarket and a department store, resulting in a gigantic retail facility that carries an enormous range of products from apparel to groceries to automotive supplies, all under one roof