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Glossary of key retail and retail marketing terms.

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❶Also called a promotional product. The formula is gross profit dollars for the year divided by average inventory at cost.


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The illustration for print ads. Could be photography if the store uses photos. Larger stores create their own art. Average Inventory Cost — Average inventory cost is found by adding the beginning cost of inventory for each month plus the ending cost inventory of the last month in the period. If calculating for a season, divide by seven. If calculating for a year, divide by thirteen.

Audit -The formal process of examining how your store performed in relation to plan. All too often, management completes programs but does not review how things went and where improvements can be made for the future. Bar Code — The bar code is a machine readable code made up of alternating dark and light bars.

The spacing between these bars signals the reader what the numerical code is. The longest currently is Breadth of Assortments — The range or number of different items offered for sale — i.

Campaign — Planned advertising schedule of specific length — usually up to 13 weeks in length. Card Reader — A magnetic code reading device that is usually built into a register keyboard. Circular Classification — Special printed advertising supplement inserted and delivered with the newspaper or mailed directly to the consumer. Can be printed in tabloid or full newspaper size as desired, using color and paper better than regular newsprint to call attention to a special event or store wide sale.

Occupant or resident mailing lists can be purchased for distribution of circulars. The result is that shoppers will have this store in a top-of-mind position and travel further to shop there first. Comp Sales — Comparable-store sales are a measurement of productivity in revenue used to compare sales of retail stores that have been open for a year or more.

Historical sales data allows retailers to compare this year's sales in their store to the same period last year. Computer-based training — The delivery of retail training programs to store, field, and operations personnel via the Internet or corporate Intranet. Contribution Margin — Contribution margin is the difference between total sales revenue and total variable costs. The term is applied to a product line and is generally expressed as a percentage. Conversion Rate — The number of people who enter a store divided into the number who made a purchase.

An advertising allowance offered by a vendor, payable upon proof of an ad having been run. Cost of Goods Sold: The price paid for the product, plus any additional costs necessary to get the merchandise into inventory and ready for sale, including shipping and handling. Core — The base component of a particular aspect of your business, e.

Can also define merchandise that is central to a retailers success, core is product that is never out of stock. Customer relationship management CRM is a business strategy designed to reduce costs and increase profitability by strengthening customer loyalty. The EAN has thirteen numbers, with one being placed the leading left outside the bar code.

The next six numbers are assigned to the manufacturer and the remaining six are for product identification. Elearning — A method of delivering retail training to store and field personnel.

Electronic Data Interchange EDI — The transfer of data between two companies in a format that can be read and understood by both parties. EDI messages are sent through a Value Added Network VAN which is a third party mailbox that both vendors and retailers use to store the messages in transit.

EDI is roughly times faster than fax to send data and maintains an audit trail. It involves all the senses of sight, hearing, touch, smell and taste. Event — A happening. A special promotion, off-price sale, fashion show, store wide sale or merchandise import fair.

Facing — The number of identical products or same SKU facing out toward the customer. Facings are used in plan-o-grams and when zoning a retail store. Flighting — Scheduling a heavy advertising schedule for a period of time, then stopping advertising altogether only to come back later with another heavy schedule.

Used to build strong impact to support sales goals, seasonal selling, new product introduction. FSA Forward Sortation Area — The first three digits of a postal code in Canada, FSAs have specific boundaries and can be used as a location system for customer analysis and direct mail. Also called a promotional product.

Banner Ad A graphical web advertising unit, typically a large headline or title extending across the full page width often measuring pixels wide and 60 pixels tall. Brand A name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers.

The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. Channel Distribution An organized network of agencies and institutions which in combination perform all the functions required to link producers with end customers to accomplish the marketing task. Circulation Of a print publication, the average number of copies distributed.

For outdoor advertising this refers to the total number of people who have an opportunity to observe a billboard or poster. Cooperative Advertising A system by which ad costs are divided between two or more parties.

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