Business of Retail Ch 1

Front

What is the competitive relationship between Cabela’s and Bass Pro when they both sell similar products?

Back

Direct competitors

Front

What does it mean to make a connection with the customer in retail?

Back

To acknowledge and welcome the customer in a cheerful manner to establish rapport.

Front

How is a retailer's total inventory defined?

Back

All inventory owned by the retailer, regardless of its location.

Front

What is the definition of a retailer's profit?

Back

The amount the company gets to keep after expenses.

Front

What should you do if you don't know the answer to a customer's question about product specifications?

Back

Ask another associate at the store that might know the answer.

Front

What are rival competitors?

Back

Retailers that compete directly with each other for the same customer base.

Front

What is the importance of assessing customer needs in retail?

Back

It helps in providing tailored solutions and improving customer satisfaction.

Front

What does it mean to listen and confirm a customer's needs?

Back

To actively engage with the customer and ensure their needs are understood.

Front

What is the role of recommendations in retail?

Back

To provide comprehensive solutions that meet the customer's needs.

Front

What is the significance of customer rapport in retail?

Back

It builds trust and encourages repeat business.