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Pyramid CDC - SMARTNet Customer Service Review

Perpetual Inventory Inventory is tracked in real time, as items enter and exit total inventory.
Personal Selling This process involves the face-to-face interaction between the customer and sales associate. These relationship-based activities between people are a cornerstone of retail.
Planogram (POG) Schematic diagrams that visually represent the way in which merchandise should be displayed on the sales floor. They may contain drawings, images, measurements, and/or words describing precisely which products, signs and labels should be placed in specific locations on shelves, racks, tables, bins, cases, peg hooks and end caps, which is a shelving unit placed at the end of aisles along with other displays.
Point-of-Sale (POS) System Part of the inventory tracking system that assists in tracking the reduction of on-hand inventory as it is sold. It includes barcode scanners, registers, card readers, receipt printers, tablet devices, online and in-App checkouts and may include self-service kiosks in stores.
Prestige (or Premium) Pricing A competitive pricing strategy in which prices are set higher than the competition based on the promise of exclusive, high-quality and unique products. For example, Nike is a retailer that uses this pricing strategy.
Preventable Loss The cost caused by either deliberate or unintentional human actions. Examples include shoplifting, employee theft, operational errors and vendor fraud.
Price Look-Up (PLU) A system of numbers that is used to uniquely identify bulk produce items or other types of items that have produce codes or product labels.
Price Skimming A pricing strategy that involves a retailer setting a high price on a new product in order to make a higher profit margin on the “innovation buyers”, who will then be the first to purchase the product. The price is then lowered later to attract more price-conscious customers.
Print Advertising This includes advertising in newspapers, magazines, newsletters, signs, weekly retail ads, coupons, and other printed materials that are intended to reach a wide audience and encourage purchases.
Private Company A company whose stock is not traded on the stock market. In retail, this term typically refers to large companies with many retail locations and centralized business operations. Privately-owned retailers include large chains such as Albertsons, Ashley Stewart and Belk.
Products (or merchandise) Physical goods that are bought and sold, such as food, clothes and household items.
Product and/or service knowledge Information that is used to help customers understand how a product or service will meet their needs. It includes the features, benefits, functions, uses, and required support for products and/or services.
Product benefits The advantages that make a certain product a good choice for the consumer.
Product features A product’s characteristics. They can be touched, tasted, seen, smelled, and/or heard and include things like color, size, flavor, scent, sound, and texture.
Product return The process of the customer taking previously purchased merchandise back to the retailer to receive a refund in the original form of payment, an exchange for another item or a store credit.
Profit The amount of money the retailer keeps for itself. This is defined as revenue-the amount of money that comes in-minus expenses-the amount of money that retailer spends.
Profit margin (or retail margin) The difference between an item’s retail price-the amount that the item is sold for-and the Cost of Goods Sold, or how much the retailer paid for the item.
Profit margin percentage (or retail margin percentage) The percentage by which profits from sales exceed the revenues.
Psychological pricing This technique involves choosing specific pricing numbers that appeal to customers. Odd pricing is a psychological pricing strategy that involves prices that end in odd numbers that are a little less than a round number-typically, prices using this model end in 7 or 9.
Publicity Attention given to something or someone by the media. Retailers may supply the media with newsworthy information about the company, products or services to build or enhance their brand image.
Popular Business sets



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