500 Retailing and E-tailing product mix. Range of all products sold by a retailer. (5) product obsolescence. Occurs when customers no longer want to buy a product. (18) product promotion. Promoting specifi c products or services. (9) product research. Research conducted to gather consumer opinions about both new and existing products. (4) professional development. Training that builds on the skills and knowledge that contribute to personal growth and career development. (16) profit. Amount by which revenue from sales exceeds the costs of making and selling a product. (1) promotion. All of the communication techniques sellers use to inform or motivate people to buy their products. (1) promotional display. Display created to help sell merchandise. (12) promotional mix. Combination of personal selling, sales promotion, advertising, and public relations used in a retailer’s promotional efforts. (5) promotional pricing. Reducing the price of a product for a short period of time. (8) prop. Object used in a display to support the theme or to physically support the merchandise. (12) proportion. Refers to the size and space relationship of all items in a display also known as scale. (12) proprietary information. Confi dential information a company needs to keep private also known as trade secrets. (17) psychographic segmentation. Divides consumers based on personal lifestyle preferences or choices. (5) psychological influence. Infl uence that comes from within a person. (5) psychological pricing. Pricing technique that creates an image of a product to entice customers to buy. (8) public relations (PR). Activities that promote goodwill between the company and the public. (9) puffery. Claims that cannot be measured. (17) punctuality. Being on time. (10) purchase order. Form a buyer sends to a vendor to offi cially place an order. (7) purchasing management. Ordering the necessary goods, receiving them into stock on arrival, and paying the vendor for the order. (6) Q qualitative data. Provides insight into what people are thinking. (4) quality control. Actions involved in checking goods as they are received to ensure the quality meets expectation. (7) quantitative data. Provides facts and fi gures. (4) quick response (QR) codes. Bar codes that, when scanned with a mobile device, connect the user to a website or other digital information. (9) R radio frequency identification (RFID). System that uses computer chips attached to inventory items and radio frequency receivers to track inventory. (7) rational buying motive. Motive based on practical reasoning, such as price, quality, or durability. (5) readability. Describes how clear and easy something is to read. (13) recall. When a retailer or manufacturer requests that customers return a product for a refund or replacement. (17) receiver. Person who physically receives the message from the sender. (9) receiving record. Form on which all merchandise received is listed as it comes into the business. (7) recruiting. Process of fi nding suitable people and getting them to join a company. (15) reference group. Other people whose values, beliefs, behaviors, and opinions are used by an individual as a basis for decision making. (5) reference. Person who knows a person well and can comment on his or her qualifi cations, work ethic, personal qualities, and work-related aspects of the person’s character. (20) referral. Names of people, as provided by satisfi ed customers, who might buy the retailer’s products. (10) research process. Set of defi ned steps through which marketing data are collected, analyzed, and used. (4) research proposal. Written outline detailing the research process to address the defi ned problem. (4) respect. Feeling that someone or something is good, valuable, and important. (16) résumé. Document that profi les a person’s career goals, education, and work history. (20) retail. Business of exchanging of goods and services for personal, family, or household use. (1) retail buyer. Person who selects and purchases merchandise for resale. (6) retail channel. Pathways through which goods or services can be sold. (3)