Retail Glossary 'M N O'

Ad Slick, Atmosphere, ambiance, Acid-Test Ratio, Anchor Store, Brand Awareness, Blue Law, Break-Even Point, Bill of Lading, Brick and Mortar stores, Big Box Stores

Minimum Advertised Price

A suppliers pricing policy that does not permit its resellers to advertise prices below some specified amount. The reason is to maintain to product/supplier’s brand image which may get hurt if retailer sells the product at low price.

Markup

A percentage added to the cost to get the retail selling price.

Markdown

Planned reduction in the selling price of an item, usually to take effect either within a certain number of days after seasonal merchandise is received or at a specific date.

Margin

The amount of gross profit made when an item is sold.

Marketing Calendar

A marketing calendar is a tool used by retailers to show what marketing events, media campaigns and merchandising efforts are happening when and where, as well as the results.

Merchandise Mix

A merchandise mix is the breadth and depth of the products carried by retailers.

Mystery Shopping

In mystery shopping, retailer uses of trained personnel or a professional service or to anonymously evaluate a retail store, so that it can find employee behaviour to customers, compliances to set operational guidelines etc in natural setting. It is Also Known As Secret Shopping, Customer Service udits

Examples: A leading manufacturer wanted to understand a sales discrepancy in their products being sold at two national retailers. The company conducted a mystery shopping study to identify the root cause of the discrepancy and within days professional mystery shoppers were able to reveal statistically significant reasons for the difference.

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