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V-CDC-CustomerSer-3
Pyramid CDC - SMARTNet Customer Service Review
| Term | Definition |
|---|---|
| Inventory Replenishment | The process of automatic or manual ordering to meet product demands. |
| Inventory Life Cycle | The process that starts when inventory arrives at the store, and ends when it leaves the store with a customer. |
| Inventory Shrinkage or Shrink | The term used when there are fewer items in stock than in total inventory record, resulting from expired products, damage, theft and/or paperwork errors. |
| Inventory Tracking Systems | Systems that specify the amount of inventory in the store or distribution center. Identify how much inventory was sold, track the price that each item was sold for, pass information to ordering systems, record product price reductions and more. |
| Invoice | A written statement that contains information about a sale transaction. Invoices typically include information such as the price, number of products purchased, ect. |
| Job Description | A written statement about a specific job, which may include details, such as the company name, job title, purpose of the position, job’s duties and responsibilities, scope of role, qualifications and requirements for the position, title of the role’s supervisor and the job’s working conditions. |
| Key Performance Indicator (KPI) | Values used to measure performance, such as overall sales and customer retention levels. Examples of KPI that are often used in retail stores include |
| Keystone Pricing | A pricing method in which a retailer simply doubles the cost of an item in order to determine its retail price. |
| Layaway | A type of add-on service that allows customers to make an initial deposit on merchandise and then pay for the rest over a specific time. |
| Loss Leaders | A pricing strategy in which items are sold at price below the retailer’s cost, with the goal of encouraging customers to visit the retailer to get the “loss leader” products, and then end up buying other items too. |
| Loss Prevention (Sometimes Referred to as Asset Protection) | The branch of retail in charge of implementing action plans to reduce waste, breakage or theft and increase safety. |
| Loyalty and Rewards Programs | Marketing programs that provide incentives to repeat customers who are loyal company brand shoppers. These programs generally use customers' personal information, purchase history and preferences to refine their product and service assortment, target promotions to consumer groups or individual customers and reward loyal shoppers. |
| Loyalty Fraud | A type of ecommerce fraud in which thieves steal customer login information and then use it to access their retailer's loyal accounts. Once they have account access, thieves can often use customers’ loyalty points to make purchases for themselves. |
| Manufacturer | Any entity that produces finished products. |
| Marketing | The branch of retail in charge of developing strategies to promote a company’s brand and specific products and services. |
| Marketing Mix | A combination of marketing tools and strategies that a retailer uses to influence customers to purchase its products. |
| Markdowns | Reductions to the original selling price of items, done to encourage rapid sales. |
| Markup | The amount of money that a retailer adds to its cost of a product to cover expenses and provide a profit. |
| Markup Pricing | A pricing strategy that involves applying a predetermined margin rate to costs of all items in order to arrive at the price. |
| Merchandise (or Product) | Physical goods that are bought and sold, such as food, clothes and household items. |
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PyramidCDC
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