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V-CDC-CustomerSer-4
Pyramid CDC - SMARTNet Customer Service Review
| Term | Definition |
|---|---|
| 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. |
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