Glossary
Omni channel - multi-channel approach to sales that seeks to provide the customer with a seamless shopping experience through either a brick and mortar store, online, telephone etc.
Multi-channel marketing - a practice by which companies interact with customers via multiple channels both direct and indirectly
Subscription service - A payment or promise of payment for consecutive purchase of a product
Loyalty card - an identity card issued to its customers a part of a consumer incentive scheme, whereby credits are accumulated for future discounts every time a transaction is recorded
Classification - a category into which something is put
Turnover - the amount of money made by a company in one year
Sole trader - person who is the exclusive owner of a business, liable for all losses and profits
Integration - An act or instance of combining into an integral whole
Franchise - an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities
Distribution channel - way products get from the supplier/manufacturer to the store
Communication - Imparting or exchanging of information by speaking, writing or using some other medium
Cost - estimated price pf an item/required payment of (sum of money) before it can be acquired or done
Reliability - consistency of a measurement under consistent conditions
Ability - possession of the means or skills to do something
PESTLE - political, economic, social, technological, legal, environmental
Fad - an intense and widely shared enthusiasm for something, especially one that is short-lived (a craze)
Gross value added - measure of the value of goods and services produced in an area, industry or sector of an economy
Vendor - a person or company offering something for sale, especially a trader in the street
Flexibility - Willingness to change or compromise, the ability to be easily modified
Duty - a task or action that one is required to perform as a part of ones job
Component - a part or element of a larger whole
Strategy - a plan of action designed to achieve a long-term or overall aim
Duty - a tax paid to the government on items you bring into the country
Lead time - delivery time
Critical path - series of tasks that must be done in order and in the right amount of time in order to complete a project on time
KPI - Key performance indicators such as upselling, reward cards, sales targets (all factors that can be measured)
Human Resources - department of a business or organisation that deals with the hiring, administration and training of staff and any legal rights of employees
Merchandising - the activity of promoting the sale of goods, especially by their presentation in retail outlets
Supply Chain - the sequence of processes involved in the production and distribution of a commodity
Retail - process of selling consumer goods or services to customers through multiple channels
Click and collect - facility whereby a customer can buy or order goods from a store and collect from a local branch
GPD - gross domestic product, monetary value of all goods and services produced within a nation’s borders
Macro - large scale, not direct
Micro - small, more direct
Environmental - Relating to the natural world and impact of human activity on its condition
Political - Of or relating to the government
Economic - Relating to the economy, justified in terms of profitability
Social - Relating to society or its organisation
Legal - Relating to the law
Location - a particular place or position
Production - describes the process by which concepts are made into a saleable physical product