Customer Service Review Flashcards
The process of selling products and/or services to customers to earn a profit.
Retail
Defined as a business or person that sells products and/or services to customers.
Retailer
People who purchase goods or services from a business.
Customers
Physical goods, also called merchandise, are bought and sold.
Products
It is intangible. It cannot be physically owned by the customer.
Services
What is the goal of retailing?
To provide the customers with the merchandise and services they want - when, where, and how they want it.
What is the distribution channel?
It is the flow that a good or service follows from production or manufacturing to the final consumer/buyer.
Who produces the finished product?
The manufacturer.
Who buys large quantities of these products directly from the manufacturer and then sell smaller amounts to retailers?
Wholesalers
Does the distribution channel look the same for all businesses?
No
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.
Retail Ecosystem
How much did e-commerce grow between 2000 and 2018?
300%
Offers customers the opportunity to interact with the multiple options in their ecosystem.
Multichannel Retailing
Similar to multichannel retailing but this integrates the channels to create a seamless consumer experience through the use of technology.
Omnichannel Retailing
Types of Retail Ownership:
Typically a single store or a small, regional chain. These retailers are able to tailor their offerings to meet the needs of local customers.
Independent
