Business of Retail - Ch. 1 - Vocabulary

Front

Competitors

Back

businesses that compete with each other for customers in the same market segment

Front

Corporation

Back

a legal entity that is separate from its owners and is authorized by the state to act as a single entity

Front

Customer service

Back

Actions taken to assist and satisfy customers before, during, and after a purchase

Front

Consumer

Back

a person or business that receives a product, service, or idea from a seller, vendor, or supplier in exchange for money or something of value

Front

financials of retail

Back

involves overseeing the financial processes of running a retail business : cash flow, inventory, gross profit margin etc

Front

Distribution Channel

Back

a network of businesses and intermediaries that move a product or service from the manufacturer to the end consumer

Front

Goal of Retailing

Back

To generate profit by satisfying customer needs and wants

Front

Independent Store - Not the answer

Back

a business that buys rights to run a name band store independently . ie subway

Front

Inventory

Back

the process of managing the amount of merchandise a retailer has on hand to meet customer demand while minimizing costs

Front

a person or company that makes goods for sale.

Back

Manufacturer