Retail Terms: Must Read

bargaining power of vendorsA competitive factor that makes markets unattractive when a few vendors control the merchandise sold in it. In these situations, vendors have an opportunity to dictate prices and other terms, reducing retailer’s profits.
barriers to entryConditions in a retail market that make it difficult for firms to enter the market.
competitive rivalryThe frequency and intensity of reactions to actions undertaken by competitors.
cross-sellingWhen sales associates in one department attempt to sell complementary merchandise from other departments to their customers.
customer loyaltyCustomers’ commitment to shopping at a store.
data warehouseThe coordinated and periodic copying of data from various sources, both inside and outside the enterprise, into an environment ready for analytical and informational processing. It contains all of the data the firm has collected about its customers and is the foundation for subsequent CRM activities.
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