Ability- The physical or mental power or skill needed to do something
Agent-This is a sales and design team that acts as a go between factories and retailers
Ambiance-
Basic product- long product life cycle with the same customers buying multiple units of the same product at once or over time. These products are sold for years with few style changes.
Click and collect-
Communication- The way that an organisation engages with other organisations or customers verbally, through body language, social media or marketing.
Components- A part that combines with other parts to form something bigger
Costs- The amount of money needed to buy, do, or make something
Critical path- The series of tasks that must be done in order and the right amount of time in order to complete a project on time
Direct consumption-
Distribution channel- They way products get from the supplier/manufacturer to the store
Duty- A tax paid to the government on items you bring into the country
Export- Sending goods out to another country for sale
FAD- An intense and widely shared enthusiasm for something, especially one that is short-lived; a craze
Flexibility- To be able to change easily according to the situation
Gross domestic product- GDP represents the monetary value of all goods and services produced within a nation’s geographic boarders over a specified period of time.
Grade value added- The measure of the value of goods and services produced in an area, industry or sector of an economy
H.R- Human resources
Huff Posts- London College Of Fashion Sustainability Initiatives “Fired Up” By Professor Sandy Black, http://www.huffingtonpost.co.uk/brooke-robertsislam/london-college-of-fashion_1_b_13164762.html, Thursday 24th November 2016
Incentives- Monetary or non-monetary extras to motivate staff
Integration-
K.P.I- Key performance indicators; a business metric, used to evaluate factors which are essential to a businesses success, KPI’s may be net revenue or a customer loyalty metric, if KPI’s are met the store manager often receives a bonus
Multi channel retailing- When a company provides numerous ways for customers to purchase goods and services. For example catalogues, brick-and-mortar stores, mail, and telephone
Omni-channel retailing- Uses a variety of channels in a customer’s shopping experience including research before a purchase. Such channels include retail stores, online stores, mobile stores, mobile app stores, telephone sales and any other method of transacting with a customer.
Reliability- Someone or something that is reliable can be trusted or believed because he, she, or it works or behaves well in the way you expect
Retail- Process of selling consumer goods or services to customers through multiple channel of distribution to earn a profit
Retailing- Consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, by mail, in small or individual lots for direct consumption by the consumer.
Specialist store- specialises in on particular
Strategy- A detailed plan for achieving success in situations such as business, politics, industry, sport ect
Subscription service- An arrangement to receive something, typically a publication, regularly by paying in advance.
Turnover
Vendor- A person or company offering something for sale.
Vogue, Urban Outfitters Settles Lawsuit With Navajo Nation, http://www.vogue.co.uk/article/urban-outfitters-settles-lawsuit-with-navajo-nation, Thursday 24th November 2016
PESTEL- factors that are completely out of our power within the retail industry
P- political
E-economic
S-social
T-technological
L-legal
E-environmental
Glossary