Retail and Business Terms: A Comprehensive Glossary, Quizzes of Introduction to Business Management

Download Retail and Business Terms: A Comprehensive Glossary and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Boutique layout DEFINITION 1 a floor plan that divides the store into a series of individual shopping areas, each with its own theme, much like building a series of specialty shops in a single store. TERM 2 Business location DEFINITION 2 Traditionally the site and facility where the business is physically situated; however, today it can be the destinations to which catalogs are mailed, the companys web site, or internet links. TERM 3 Central business district DEFINITION 3 often the historical center of a city or town, the area where downtown businesses were established early in the development of a city. TERM 4 Customer traffic patterns DEFINITION 4 the routes customers take as they make their way through the store. TERM 5 Entertailing DEFINITION 5 An industry trend in which retailers add entertainment facilities, such as music venues, coffee shops, or cafes, to their stores to build customer traffic. TERM 6 Free-form layout DEFINITION 6 Utilizes displays of varying shapes and sizes to create a relaxed and friendly shopping atmosphere that encourages customers to take their time. TERM 7 Grid layout DEFINITION 7 Displays are arranged in a rectangular fashion so that aisles are parallel to one another. This formal layout that controls traffic in the store as it uses space efficiently, creates an organized environment, and facilitates shopping by standardizing the location of items. TERM 8 Index of retail saturation (IRS) DEFINITION 8 Calculates the number of customers in a specified area, customers purchasing power, and the level of competition. It combines the average retail expenditures with the average dollar amount that each person spends for a certain type of merchandise in a given trading area. TERM 9 Layout DEFINITION 9 - the arrangement of the physical facilities in a business. TERM 10 National Retail Traffic Index (NRTI) DEFINITION 10 An organization that provides information about shopper traffic and conversion trends (i.e. sales volume) for retail executives, mall developers, industry analysts, real estate consultants, and advertisers. NRTI evaluates department store traffic from two perspectivesthe mall in which the department store is located and the department store itself TERM 21 Click-through rate (CTR) DEFINITION 21 A method of analysis used to track how advertisments and keywords are working for an e-business by calculating when the Web Site viewer actually clicks on the advertisement TERM 22 Cost per click (CPC)- DEFINITION 22 A method of payment in which the advertiser, or e-retailer, pays a fee each time a viewer clicks on the advertisement that takes him or her to the retailers Web site. TERM 23 Cost per thousand (CPM) DEFINITION 23 A method of payment for banner advertisements. The charge for cost per thousand is dependent on the number of people who visit the Web site. TERM 24 Domain name DEFINITION 24 The part of URL that specifically identifies the name of the Web Site. TERM 25 E-commerce DEFINITION 25 The buying and selling of merchandise via the Internet; term used by some interchangeably with e-retailing. TERM 26 E-retailing DEFINITION 26 Used concurrently with the terms, virtual store front and virtual mall, e-retailing is the activity of direct retail shopping online. TERM 27 Inventory management DEFINITION 27 Planning a merchandise assortment that is heavy in the styles, colors, and sizes customers will order and light in those that are ordered less frequently TERM 28 Online auction DEFINITION 28 - An e-business model that allows persons to buy or sell items, mostly through a bidding process, such as is found at e-Bay. TERM 29 Niche DEFINITION 29 A small, specialized part of a market that is not served or cost-effective for the major, well-established companies to serve o Luckyscent o Delias o Zappos o Urban Outfitters o Etsy o 1st Dibs TERM 30 Online storefront DEFINITION 30 E-business model that most closely resembles a traditional brick-and-mortar store. It is the most common type of e- commerce site in that it displays information about the product or service for sale, and then accepts orders for those services, usually through a shopping cart. TERM 31 Podcasting DEFINITION 31 Online audio programming that can be produced with a computer, microphone, software, and a Web site for posting programming, and can be listened to on any computer connected to the Internet that can play standard MP3 audio files. TERM 32 Pop-up advertisements DEFINITION 32 A window that automatically opens on a users computer whenever the viewer visits an advertised web site or one from which an ad has been purchased. TERM 33 Portal DEFINITION 33 A web site that offers a variety of Internet services from a single convenient location, aggregating information on a broad range of topics and linking online merchants with online shopping malls and auction sites. Portals assist users in collecting information and browsing multiple independent storefronts from one convenient locations, as illustrated by BizOffice. TERM 34 Search engine advertisements DEFINITION 34 With these advertisements, products or web sites are tied to specific keywords. When a computer user types those keywords in the search box, a related advertisement is displayed. TERM 35 Shopping cart DEFINITION 35 An e-business model application with an order form used to process orders with payments through credit cards or services like PayPal. Products are then shipped to the customer or delivered by an immediate download, such as music and software. TERM 46 Press release DEFINITION 46 Editorial copy that can be used by media representatives to promote an event or newsworthy item. TERM 47 Price ceiling DEFINITION 47 - the highest price a business can ask for its product or service; it is often set by customers TERM 48 Price floor DEFINITION 48 The lowest price a business can charge for its products or services; it is determined by costs. TERM 49 Price range DEFINITION 49 The price between the floor price and the ceiling price. TERM 50 Price skimming DEFINITION 50 a pricing strategy in which entrepreneurs set a relatively higher price for a product or service inititally, then lower the prices over time. TERM 51 Promotion DEFINITION 51 Involves the activities used to inform the potential consumer about the product TERM 52 Ps of marketing (marketing mix) DEFINITION 52 Offering the right Product In the right Place At the right Price Using the right Promotion o A fifth P of marketing can be addedpeople who will be targeted as potential customers or product users TERM 53 Publicity DEFINITION 53 Is free advertising in which the media publishes stories about the business at no cost. TERM 54 Value-based pricing DEFINITION 54 - A pricing method based on the perceived worth of the good or service to the intended customer. TERM 55 Advisory team DEFINITION 55 A team of people identified by the entrepreneur to offer advice in starting and growing the business. o Necessary for an individual entrepreneur and includes accountants, bankers, lawyers, insurance agents, and marketing consultants, who provide valuable input to aid in decision making TERM 56 Board of directors DEFINITION 56 Group of people elected by the stockholders of a corporation who are responsible for overseeing its overall direction and policy of the corporation TERM 57 Intrapreneurship DEFINITION 57 Working within a company in an entrepreneurial capacity, using their creativity and skills TERM 58 Job analysis DEFINITION 58 Outlines information about the duties, tasks, or activities necessary to perform a job. TERM 59 Job description DEFINITION 59 Outlines the tasks, duties, and responsibitiles of the position based on the job analysis. TERM 60 Leadership DEFINITION 60 Deals with guiding and motivating people