Vocabulary Ch 1-2

Question 1

Bricks-and-mortar

Answer 1

The presence of a physical storefront

and face-to-face customer experience.

Question 2

Closeout Stores

Answer 2

Off-price stores that offer an assortment
of brand-name merchandise at significantly lower prices
than the manufacturer’s retail price.

Question 3

Commercial Cue

Answer 3

Advertising message that impacts

purchase decisions.

Question 4

Comparison Shopper

Answer 4

The customer who spends time
searching for the best price or deal on the item she is
looking to purchase.

Question 5

Convenience stores

Answer 5

These stores aim to provide their
customers with a convenient shopping experience. These general merchandise stores are easily accessible and small in size with quick shopping and easy
checkout.

Question 6

Corporate Chain

Answer 6

A company that operates multiple stores
under common ownership and usually has centralized
decision-making.

Question 7

Demographics

Answer 7

Quantifiable information about a customer,
such as household size, income, education, occupation
and place of residence.

Question 8

Department Stores

Answer 8

These stores offer good service and a
broad variety of products of mid-to-high quality. Direct Selling: Salespeople contact customers directly
in a convenient location, often at a customer’s home; demonstrate product benefits; take orders; and deliver
the products or perform the services.

Question 9

Distribution Channel

Answer 9

The chain of business through
which a good or service passes until it reaches the end
consumer.

Question 10

Diverse Shopper

Answer 10

This buyer is hard to predict or
understand. He/she shops in many different places and
is not obviously influenced by any one retail element.

Question 11

E-Commerce

Answer 11

Buying and selling through the internet via an

electronic device.

Question 12

Follower

Answer 12

This 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.

Question 13

Franchise

Answer 13

The license granted to another party to market a

company’s goods or services in a particular territory.

Question 14

Gross Domestic Product

Answer 14

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

Question 15

Impulse buyer

Answer 15

The person who makes quick purchase

decisions.

Question 16

Independent Establishment

Answer 16

Typically a single store or a

small, regional chain.

Question 17

Innovative Customer

Answer 17

The buyer who wants to be the first

to purchase and own the latest merchandise.

Question 18

Manufacturer

Answer 18

Produces the products.

Question 19

Multichannel

Answer 19

Retail operations offering customer

transactions through multiple connected channels.

Question 20

Off-Price Retailers

Answer 20

Offer brand-name merchandise at a
discount. The merchandise typically consists of excess inventory, closeouts and irregular items. See closeout
stores and outlet stores.

Question 21

Omnichannel

Answer 21

Similar to multichannel retailing, but with
a focus on creating a seamless consumer experience
through any and all channels. Outlet Stores: Off-price stores that are owned by the
manufacturer or retailer.

Question 22

Physical Cue

Answer 22

A physical need such as hunger or thirst that

drives behavior.

Question 23

Recreational Shopper

Answer 23

This customer shops for fun, and
therefore shopping does not necessarily mean making a
purchase.

Question 24

Retailer

Answer 24

Receives, stores, displays and sells the product to

customers.

Question 25

Social Cue

Answer 25

Decision-making based on the suggestion or | preference of a friend, colleague or family member.

Question 26

Specialty Stores

Answer 26

This segment focused on deep but | narrow assortment with a high level of customer service.

Question 27

Stimulus

Answer 27

A cue or a drive that motivates a person to act.

Question 28

Supercenters

Answer 28

These stores 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.

Question 29

Supermarkets

Answer 29

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

Question 30

Target Market

Answer 30

A defined customer who has the need, | desire and ability to buy a retailer's products.

Question 31

Wholesale Clubs

Answer 31

Wholesalers who sell products in bulk directly to consumers. These clubs typically require a membership

Question 32

Wholesaler

Answer 32

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

Question 33

Active Listening

Answer 33

A structured form of listening and responding that focuses the attention on the speaker. The listener must take care to attend to the speaker fully, and then repeat, in the listener's own words, what he or she thinks the speaker has said.

Question 34

Benefits

Answer 34

Advantages or rewards of product features.

Question 35

Closed-Ended Questions

Answer 35

Questions that tend to evoke one-word answers: yes or no. The aim of using closed- ended questions is to limit talking or to control the direction of conversation, such as when you want to narrow the scope of the conversation, elicit specific information, or close the sale. Closed-ended questions usually begin with words like do, will, can and are.

Question 36

Customer Service

Answer 36

The act of taking care of the customer's need by providing and delivering professional, helpful, high-quality service and assistance before, during and after the customer's requirements are met.

Question 37

Features

Answer 37

Those things that are physical in nature, including color, size, etc. and appeal to our five senses: touch, taste, smell, sound and sight.

Question 38

Open-Ended Questions

Answer 38

Questions that begin with the words who, what, where, when, how and why. They cannot be answered with a simple yes or no. The aim of using open-ended questions is to get someone talking.

Question 39

Personal Needs

Answer 39

Involve the customer's need to be treated Questions that begin with the words who, what, where, when, how and why. They cannot be answered with a simple yes or no. The aim of using open-ended questions is to get someone talking. with respect and to feel valued, understood and involved in the decisions that affect them.

Question 40

Practical Needs

Answer 40

Those needs that motivated customers to come to you in the first place-to solve a problem or to get a product or service.

Question 41

Value

Answer 41

More than just price, value is a measure of the total benefit. (e.g. spending a little more money to purchase a product at a retailer that provides warranties or superior customer service).