UNIT 2 Flashcards
(67 cards)
Refers to the activity of selling goods or services directly to consumers or end-users
RETAIL
Some retailers may sell to
business customers, and such sales are termed
NON-RETAIL ACTIVITY
often occurs in retail stores or service establishments, but may also occur through direct selling such as through
vending machines, door-to-door sales or
electronic channels.
RETAILING
is one area of the broader term, e-commerce.
RETAILING
Common retail types:
- INDEPENDENT RETAILER
- EXISTING RETAIL BUSINESS
- FRANCHISE
- DEALERSHIP
- NETWORK MARKETING
is buying and selling
both goods and consumer services.
RETAILING
An _________is someone who builds his/her business from the ground up. Usually, the owner does it all, but he/she may have assistants or hire someone extra.
INDEPENDENT RETAILER
An ___________ is, as the name suggests, a retail
business that is up and running. Typically,
someone inherits or buys an existing business and takes over its ownership and responsibilities.
EXISTING RETAIL BUSINESS
A __________ is a cross
between a franchise and an independent
retailer. A retailer that works with a dealership has the license to sell a brand of products (usually there is a variety of
brands). Unlike a franchise, there are no
fees to the licensor
DEALERSHIP
A _________ is an existing
business plan, including a trademarked name, an already determined set of
products, and established business concepts.
Franchise
multi-level marketing is a business model
where the selling of products depends on
the people in the network. On the one hand, a person is selling products, but at the same
time, other salespeople are being recruited
to sell the same goods.
NETWORK MARKETING
a person or company
that produces finished goods from raw
materials by using various tools, equipment,
and processes, and then sells the goods to
consumers, wholesalers, distributors, retailers, or to other manufacturers for the
production of more complex goods.
MANUFACTURER
manufacturers
produce goods only if they receive orders
from customers. The nature of _____ production eliminates the necessity to forecast future demand for the products.
MADE TO ORDER
are considered a significant part of the economy. Manufacturing can be
traced back to the ancient world.
MANUFACTURERS
Types of Manufacturers:
- MADE TO STOCK
- MADE TO ORDER
- MADE TO ASSEMBLE
manufacturers
produce substantial quantities of goods and
store the manufactured goods before their
final sale.
MADE TO STOCK
Instead of immediately producing a final good, made to assemble manufacturers initially create the basic parts of a final good that can be quickly assembled when an order from a customer is received.
MADE TO ASSEMBLE
typically don’t manufacture their own items. They purchase goods from a manufacturer or a
wholesaler and sell these goods to consumers in small quantities.
RETAILERS
is a person or business that you purchase goods from.
RETAILER
Retail Goals and Objectives
- INCREASE BRAND AWARENESS
- GREATER BRAND LOYALTY
- BETTER CUSTOMER ENGAGEMENT AND EXPERIENCE
- BUILDING AN OMNI CHANNEL PRESENCE
- SOCIAL MEDIA MARKETING
Creating a powerful and relatable brand story helps your customer connect at a deeper, personal level with your brand. This is a
great way to establish awareness and recall.
INCREASE BRAND AWARENESS
When you invest in customer engagement, you create chances to engage
with your brand, your products, core values,
and lots more.
BETTER CUSTOMER ENGAGEMENT AND EXPERIENCE
It was only a matter of time, and now the Instagram shop
feature is fully here. Smaller retailers no
longer really need a dedicated store since
they can now sell through the Instagram
platform.
SOCIAL MEDIA MARKETING
Customer acquisition does not come cheap. It takes
time, effort, and some cost to acquire new
customers. Loyal customers are a captive
group to market to- they buy more often and
open up their wallets more.
GREATER BRAND LOYALTY
