Chapter 1: Customer Service and Sales

What best defines quality customer service?

Delivering a postitive, memorable experience that is more than what the cutomer expected

Consumer Behavior is based on...

Demographic data, Motivation, External Commercial cues, External social cues, Internal physical cues

Retailers use technology, both in stores and online, to: 2

Enable comprehensive data collection to help them best understand customer buying behaviors

Which of the following is the term for behavior influences that come from retailer's marketing?

External commercial cues

Which of the following is the term for behavior influences that come from a customer's family and friends?

External social cues

These customers are rarely the first to try new products.

Followers

Retailers use technology, both in stores and online, to: 5

Identify and minimize risks ad liabilities

Retailers use technology, both in stores and online, to: 4

Improve their competive advantage

Which of the following is the term for behavior influences that come from a customer's own needs?

Internal physical cues

These shoppers have typically enjoyed repeated and valued positive customer experiences with a particular retailer.

Loyal customers

Retailers use technology, both in stores and online, to: 1

Make tasks faster and easier to complete

What term describes a grower of potatoes?

Manufacturer

The Five-Stage Decision-Making Process

Need recognition, Info. search, Evaluation of Alternatives, Purchase, Post-Purchase Evaluation

multichannel retailing

Offers customers the opportunity to interact with multiple options in their ecosystem. (physical store, online store, catalog, social media, retailer app)

manufacturer

Produces finished products

Customer Mindsets: mindset

attitudes and expectations about an experience.

Product Brands:

brands that are associated with specific merchandise and may be offered at multiple retailers.

wholesaler

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

Types of Retail Ownership: Private Company

limited to single or small number of investors

Types of Retail Ownership: Franchise

liscense granted to another to retail a comapany's products or services in a particular area.

Product distribution channel option 4

manufacturer to customer

Product distribution channel option 2

manufacturer to retailer distribution center to retailer to customer

Product distribution channel option 1

manufacturer to wholesaler to retailer to customer

What is the term for the retailing approach that places the focus on creating a seamless shopping experience for customers by intergrating multiple channels?

omnichannel

Types of Retail Ownership: corporation

owned by shareholders through traded stock

products

physical goods that are bought and sold

retail

process of selling products and/or services to customers to earn a profit

what is a term for physical goods that are bought and sold?

products

Brand Promise:

provides a benefit of doing business with a company

Product distribution channel option 3

retailer (online order) to manufacturer to customer

Types of Retail Ownership: independent

single store or small reigional chain

retailers are a what?

they are a link in the distribution channel, connecting customers with the products and services they need and want to purchase.

Customer Mindsets: follower

this customer finds out what is trendy before making a purchase

Customer Mindsets: loyal customer

this customer is loyal to a specific store based on repeated and valued positive experience with the retailer or the products

Customer Mindsets: impluse buyer

this customer makes quick purchase decisions; often for inexpensive items without high importance to the buyer

Customer Mindsets: comparison shopper

this customer spends lots of time checking out products and prices through online sites, visiting different stores, comparing advertisments, etc.

Customer Mindsets: Recreational Shopper

this customer views shopping as a fun occasion

what holds large quantities of product that are later sent either to retail locations or directly to customers?

wholesaler

Approximately what percentage of US jobs are retail jobs, as of 2019?

20-25%

After one negative experience, approximately what percentage of people say they will never do business with that company again?

50%

As of 2019, roughly how much money do U.S. retailers lose annually due to poor customer service?

60$-70$ billion

what is the standard definition of a retail ecosystem?

An interconnected system of approaches for meeting the goal of retailing, which is to provide cusotmers with the merch and services they want

Retail ecosystem

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.

These customers tend to make quick purchase decisions, often buying inexpensive items that are not of high importance to them.

Impulse buyers

These customers have an early adopter mindset, and want to be recognized as trendsetters by others.

Innovation/trend buyers

Retailers use technology, both in stores and online, to: 3

Communicate with customers (through email, texts, and apps)

Company Brand and Culture is influenced by...

-by advertsing, marketing, personal and online interactions and in-store service experience. --it describes how ppl feel about the company and how they do business

The Customer Loyalty Life Cycle Disruptions: part 1

-employee delievers poor customer service -competitors may offer better products, services, or prices -An online site or app may be difficult for customers to use, discouraging the from purchasing

The Customer Loyalty Life Cycle Disruptions: Part 2

-product quality could be lower than a customer expected, causing the customer to return merch -If customers have a good experience they often don't tell anyone, but if they have a bad experience, they often tell a lot of ppl

retailer

A business or person that sells goods to the consumer.

The term for the overall impression gathered from information that is seen, heard and experienced by customers who encounter a business, its products and services...

Company brand

These customers tend to spend a lot of time checking out products and prices through online sites, visiting different stores and comparing retailer ads.

Comparsion Shoppers

These customers can take a long time to make a purchase decision, and might return to a retailer several times before making a purchase.

Comparsion shoppers

the majority of retailers are:

Corporations

The Customer Loyalty Life Cycle: 3

Customer chooses a buying option (instore or online)

The Customer Loyalty Life Cycle: 2

Customer considers different purchase options

The Customer Loyalty Life Cycle: 4

Customer either likes or dislikes experience

The Customer Loyalty Life Cycle: 5

Customer has a good customer service experience and purchases from the retailer again

The Customer Loyalty Life Cycle: 1

Customer has want or need

The Customer Loyalty Life Cycle: 6

Customer tells others about the good experience and becomes a loyal shopper

the standard term that describes the audience of retail stores-that is, the ppl who will buy things from the stores?

Customers

These customers view shopping as a fun occasion, so shopping does not necessarily include making a purchase.

Recreatational shoppers

What is a term for intangible things, such as providing delivery, that are sold by retailers?

Services

Company Brand

The overall impression gathered from information that is seen, heard and experienced by customers who encounter a business, its products and its services.

customers

The people who buy goods and services from a business

company culture

The unique combination of a company's vision, values, norms, systems, symbols, language, assumptions, beliefs, and habits (its the "personalitiy of the business")

Customer Mindsets: Innovation/trend buyer

This customer likes to be the first to purchase the newest technology, fashion, or car, as well as try the just opened restaurant and see the newest movie

the goal of retailing...

To provide customers with the merchandise and services they want--when, where, and how they want to purchase them.

The term for the unique way that company employees act with each other and with customers...

company culture

omnichannel retailing

creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping

what kinds of things does a manufacturer produce?

finished products

Services

intangible products/transaction