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V-CDC-CustomerSer-1b

Pyramid CDC - SMARTNet Customer Service Review

TermDefinition
Bonuses Monetary incentives given to employees for great performance. Retailers often give bonuses to employees, teams, departments or even the entire company.
Brand Promise An extension of the company brand that reflects the benefit of doing business with them, for example, providing quality customer service.
Breakaway Statements Phrases used to smooth the transition between one customer and the next one (e.g., “Would it be OK if I grab a few items for another customer?”).
Broadcast Advertising Commercials produced for television and radio. This term also includes on-screen movie theater advertising.
Bundle Pricing A pricing model in which retailers sell multiple products and/or services together for a lower retail price than if all of the items were purchased individually. This approach helps increase the perception of value with customers.
Buying The branch of retail responsible for selecting and purchasing merchandise.
Clientele The collective group of customers that are served by a specific retailer, when considered in total.
Closed-circuit Cameras Security cameras that are used to watch areas of the store, on the sales floor and in other locations. Certain store employees can view the cameras’ video from a private office or control room.
Closed-ended Questions Closed-ended Questions"Questions that aim to get you a short or yes/no answer. These are useful to limit the scope of a conversation, confirm a specific response or to close the sale. Closed-ended questions often begin with words such as; will, can, may, are and do.
Commission A form of compensation in which a percentage of their sales is given to sales associates as part of their wages.
Company Brand The overall impression gathered from information that is seen, heard and experienced by customers who encounter a business, its products and its services.
Company Culture The unique way that an organization’s employees interact with each other and with customers. The culture defines the personality of a company.
Company Discount A form of compensation that offers employees product discounts at partners’ businesses as a benefit to facilitate employee engagement.
Company Website A website that represents a retailer on the internet. Retailer websites typically provide customers with a way to browse and purchase products and services.
Comparison Shopper A shopper who spends a lot of time checking out products and prices through online sites, visiting different stores, comparing retailer ads and/or getting the options of others either personally or through social media.
Compensation The term used for what a company gives employees in exchange for their work. Forms of compensation include hourly pay, bonuses, commission and company discounts.
Competitive Pricing A pricing strategy in which retailers set their prices taking into account the competition. Prices can be set below or above those of the competition.
Competitors Businesses with similar products and/or services that compete for the same customers. These can be classified as direct, indirect or replacement competitors.
Corporation A business that has shareholders through publicly-traded stock, and usually has centralized decision-making for its multiple store locations. Corporate-owned retailers include large chains such as Walmart, Kroger and Target.
Cost In retail, this term usually refers to the amount of money paid by a retailer to the manufacturer or supplier for an item.
Cost of Goods Sold (COGS) Direct costs associated with production of a product, including the raw materials used to make it and any labor costs.
Credit In finance, this refers to an agreement between a consumer and a financial institution that allows him/her to obtain products and services without payment, but with the promise of paying back within a certain timeframe.
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