FBLA Intro to Retail & Merchandising

Retail

Selling goods or services directly to final consumers.

Wholesaler

Business that sells products to retailers rather than consumers.

Manufacturer

Company that produces goods from raw materials.

Supply chain

Network moving products from producer to customer.

Distribution channel

Path products take to reach customers.

Direct channel

Manufacturer sells directly to consumer.

Indirect channel

Product passes through wholesalers/retailers before consumers.

Retailer

Business that sells goods to end users.

Target market

Specific group a business aims to sell to.

Market segmentation

Dividing customers into groups with similar traits.

Demographics

Statistical characteristics such as age, income, gender.

Psychographics

Lifestyle, interests, and attitudes of consumers.

Geographic segmentation

Dividing markets by location.

Behavioral segmentation

Grouping customers by purchasing behavior.

Retail format

Type of retail business structure.

Brick-and-mortar

Physical retail store location.

E-commerce

Buying and selling products online.

Omnichannel retailing

Seamless integration of online and physical shopping.

Multichannel retailing

Selling through multiple platforms separately.

Retail lifecycle

Stages of retail development from growth to decline.

Mass merchandising

Selling large quantities at low prices.

Category killer

Large store dominating a product category.

Specialty store

Retailer focusing on a specific product category.

Department store

Large store with multiple product departments.

Discount store

Retailer offering products at lower prices.

Warehouse club

Membership-based store selling products in bulk.

Outlet store

Retailer selling manufacturer overstock at discounted prices.

Convenience store

Small store offering quick purchases.

Pop-up store

Temporary retail store in a short-term location.

Franchise

Business operating under another company’s brand and system.

Independent retailer

Store owned by a single individual or company.

Chain retailer

Multiple stores operating under the same brand.

Retail cooperative

Group of retailers working together to increase buying power.

Brand

Unique name or symbol identifying a product.

Private label

Product branded by the retailer instead of manufacturer.

National brand

Product brand owned by manufacturer.

Generic brand

Basic product with minimal branding.

Retail positioning

How customers perceive a store compared to competitors.

Competitive advantage

Feature making a business better than competitors.

Customer value

Benefits customers receive compared to price paid.

Customer satisfaction

Level of customer happiness with product or service.

Customer loyalty

Tendency of customers to repeatedly buy from a brand.

Foot traffic

Number of people entering a store.

Conversion rate

Percentage of visitors who make a purchase.

Average transaction value

Average amount spent per purchase.

Basket size

Number of items purchased in a single transaction.

Retail analytics

Analyzing retail data to improve performance.

Retail trend

General direction of change in retail industry.

Retail innovation

Introduction of new retail technologies or methods.

Consumer demand

Quantity customers want to buy.

Market share

Percentage of industry sales a company controls.

Value proposition

Reason customers choose a business over competitors.

Brand loyalty

Customer preference for one brand repeatedly.

Brand recognition

Ability of customers to identify a brand.

Customer experience

Total interaction a consumer has with a brand.

Retail environment

Physical and emotional store atmosphere.

Point of sale

Location where a transaction occurs.

Consumer behavior

Study of how customers make buying decisions.

Buying motive

Reason a customer purchases a product.

Need

Essential requirement for survival.

Want

Nonessential product desired by consumers.

Impulse purchase

Unplanned purchase made quickly.

Planned purchase

Purchase decision made before entering store.

Customer journey

Process a consumer goes through before buying.

Value pricing

Offering good quality at a reasonable price.

Premium retail

Store selling high-end expensive products.

Budget retail

Store focusing on low-cost products.

Store image

Overall impression customers have of a store.

Merchandising

Planning and promoting product sales in retail.

Product assortment

Total selection of products offered.

Product mix

Combination of product lines sold by a retailer.

Product line

Group of related products sold together.

SKU (Stock Keeping Unit)

Unique code identifying each product item.

Assortment width

Number of product categories sold.

Assortment depth

Number of variations within a product category.

Category management

Managing product groups to maximize sales.

Product lifecycle

Stages of a product from introduction to decline.

Product differentiation

Making a product unique from competitors.

Brand equity

Value gained from strong brand reputation.

Product bundling

Selling multiple products together as a package.

Cross-merchandising

Displaying related products near each other.

Visual merchandising

Presenting products visually to attract customers.

Planogram

Diagram showing product placement on shelves.

Endcap

Display located at the end of store aisles.

Point-of-purchase display

Promotional display near checkout area.

Window display

Display placed in store window to attract customers.

Store layout

Arrangement of aisles and departments.

Grid layout

Straight aisle design common in grocery stores.

Racetrack layout

Circular path guiding customers through store.

Free-flow layout

Open layout used in boutiques.

Shelf positioning

Placement of products on store shelves.

Eye-level placement

Placing products at eye level to increase sales.

Feature display

Display highlighting specific products.

Product signage

Signs providing product information or promotion.

Product labeling

Printed information attached to product packaging.

Packaging

Materials used to contain and protect products.

Brand storytelling

Communicating brand identity through marketing narrative.

Seasonal merchandise

Products associated with particular seasons.

Merchandising calendar

Schedule planning seasonal promotions.

Display rotation

Changing displays to maintain interest.