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V-CDC-CustomerSer-2b
Pyramid CDC - SMARTNet Customer Service Review
| Term | Definition |
|---|---|
| FIFO (First In, First Out) | The technique of rotating any perishable items that expire (such as food, medicine, etc.) so that the newest items are behind older products. That way inventory received first-and therefore the first to expire-will be the first merchandise to be sold. |
| Finance | The branch of retail in charge of managing budget generation, reconciliation and reporting for revenue, expenses and profit. This area is also known as accounting. |
| Fixed Mindset | The belief that one’s skills and knowledge are fixed traits that cannot be developed. |
| Follower | A shopper who wants to find out what’s trendy before making a purchase. Followers have a more cautious mindset and are reluctant to be the first to try new products. They often look to established brands that they have previously purchased and trust for guidance before making a buying decision. |
| Franchise | A business that results when license is granted to another entity to retail a company’s products or services in a particular area. |
| Fraud | The term for the type of theft that occurs when someone steals from a retailer by engaging in any of the following activities; paying with stolen checks, debit or credit cards; writing checks from an account that has insufficient funds; switching packaging and price tags; paying with counterfeit money and fraudulently requesting a refund. |
| Full-time Work | Work that requires a specific number of hours per week and is eligible for benefits. |
| Functional Communication Style | A communication style refers to the way a person interacts with others. Someone who has a functional communication style, typically wants process, detail, timelines and well-thought-out plans. |
| Gross Profit | The difference between revenue and the costs of buying or producing the items sold. |
| Growth Mindset | The belief that one’s abilities can continuously improve through learning, focus and determination. |
| Hourly Pay | A form of compensation in which employees are paid based on the number of hours they worked. |
| Human Resources | The branch of retail that oversees various aspects of employment, including recruitment, training, ensuring compliance with labor laws, processing employee benefits, payroll and performance management, along with the regular maintenance of personnel files and databases. |
| Identity Fraud | A type of Ecommerce Fraud in which an individual’s personal information is stolen and the thieves use it to purchase merchandise. |
| Impulse Buyer | A customer who makes quick purchase decisions, often for inexpensive items that do not have a high importance to the buyer. |
| Independent Retailer | A retailer business owned by an individual. Typically a single store or a small, regional chain. |
| Indirect Competitors | Retailers that offer different products or services, but seek to meet the same customer need. For example, Smashburger and KFC sell very different products. Smashburger primarily sells burgers and KFC primarily sells chicken, but both strive to meet the same need, to satisfy hunger. |
| Information Technology (IT) | The branch of retail in which employees collect, store and process data from Point-of-Sale devices; create and maintain systems for inventory management, customer service management, communication, maintain the organization’s technological infrastructure and more. |
| Innovation Buyer | A customer who is motivated to be one of the first to purchase the newest technology, fashion or car, eat at the just-opened restaurant or see the latest movie. This type of person has an early adopter mindset and wants to be recognized as a trendsetter by others. |
| Installment Financing | A financing model in which the retailer loans a customer money, which comes from an internal lending department or a third-party bank, to buy the product as part of the sale. Borrowers typically pay the retailer in monthly installments. |
| Intuitive Communication Style | A communication style refers to the way a person interacts with others. Someone who has an Intuitive Communication Style typically wants big-picture ideas to determine what is important, and will lose interest in the conversation if there is too much structure or deep dive into product features. |
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PyramidCDC
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