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Retail Management

Retail Management Weekly Quiz

TermDefinition
AIDA attention, interest, desire, and action, describing the customer journey throughout the sales process.
NAFTA North American Free Trade Agreement (NAFTA) established a free-trade zone in North America;
Baby Boomers a member of the generation that was born between the end of World War II and the mid-1960s
Business Cycle composed of concerted cyclical upswings and downswings in the broad measures of economic activity—output, employment, income, and sales.
Capital the money used to build, run, or grow a business
Complementary Goods products that increase in value when the demand for relative products increases.
Convergence the trend of businesses integrating different technologies, products, and services to create a more seamless customer experience.
Demography characteristics of a population that businesses use to identify the product preferences and purchasing behaviors of customers.
Direct Competition when two or more different companies offer similar services or products and attract the same target market.
E-business Electronic business is any kind of business or commercial transaction that includes sharing information across the internet.
Factors of Production the inputs used to produce a good or service in order to produce income.
Free Trade goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.
Created by: Daleasaurs
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