Glossary...
Lead times: Time it takes to get it from manufacturer to the buyer.
Hard Skills: Hard skills are teachable abilities, such as typing, writing, reading etc.
Retail: Retailing is the sale of goods from a fixed location, such as a kiosk, boutique or by mail. It is for direct consumption by the purchaser.
Multi- channel retailing: Is when a retailer targets customers through various different channels such as social media.
Omni-channel retailing: Omni channel retailing Is when you can shop from different places such as laptop, mobile, telephone or a bricks and mortar store.
Click and collect: When someone can order there product on a website and collect the item in store.
Premium pricing: is when you keep the price of a product or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price.
Economy pricing: The costs of marketing and promoting a product are kept to a minimum. In order to be able to keep the price of the product low.
Discount Pricing: Businesses use discount pricing to sell low-priced products in high quantities.
Competitor Pricing: Competitive pricing is setting the price of a product or service based on what the competition is charging.
Psychological Pricing: Psychological pricing is a pricing strategy based on the fact that certain prices have a psychological impact. Retail prices are often expressed as "odd prices": a little less than a round number, for example, £1.99 instead of £2.
Franchise: A franchise is when someone is able to pay a company to be able to use their brand name logo and imagery etc. However, it is a separate business.
Independent: An independent store when relating to fashion is often a niche or specialist store.
Multiple/chain: A multiple store is a chain of stores that are the same that have 10 or more branches, they usually attract a large market.
Sole Trader: A sole trader is an individual who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
Partnership: A legal form of business operation between two or more individuals who share management and profits.