Maharashtra HSC Marketing & Retail Management (Vocational) key terms

The business activity of identifying customer needs and wants, then creating, communicating, delivering and exchanging offerings that have value for customers, partners and society at large.

The controllable set of tools a firm combines to influence demand, traditionally grouped as product, price, place and promotion, and often extended with people, process and physical evidence in services.

Dividing a broad market into smaller groups of buyers who share similar needs, traits or behaviour, so that each group can be served with a tailored offer and message.

Evaluating each segment's attractiveness and choosing which one or more groups the firm will deliberately serve with its marketing effort and resources.

Designing an offer and image so that it occupies a distinct, valued place in the mind of the target customer relative to competing alternatives.

The forces outside marketing that affect a firm's ability to build and keep successful customer relationships, usually split into micro factors close to the firm and macro forces in the wider society.

A structured review of a firm's internal strengths and weaknesses alongside external opportunities and threats, used to match capabilities with the conditions found in the marketing environment.

The pattern of sales and profit a product typically follows over time, commonly described in four stages: introduction, growth, maturity and decline, each needing different marketing decisions.

The full set of product lines and items a company offers for sale, judged by its width, length, depth and consistency across the assortment.

The added value a brand name gives to a product beyond the functional benefits it provides, built through awareness, perceived quality, associations and customer loyalty.

The study of how individuals and households search for, buy, use and dispose of goods and services to satisfy their needs and wants.

The sequence a buyer typically moves through: need recognition, information search, evaluation of alternatives, purchase decision and post-purchase behaviour.

Any person or group that serves as a point of comparison for an individual in forming values, attitudes or purchase choices, including family, friends, colleagues and aspirational figures.

The discomfort a buyer feels after a purchase when doubts arise about whether the right choice was made, often reduced by reassurance, reviews or further information from the seller.

Planning and controlling the activities of a retail business, including assortment, staffing, store operations, pricing and service, so that customer needs are met profitably.

The particular type of retail outlet defined by its size, range, pricing approach and service level, such as a convenience store, supermarket, department store or discount store.

The day-to-day running of a retail outlet, covering opening and closing, staffing and rostering, cash handling, cleanliness, safety and service standards on the shop floor.

The range of products a retailer chooses to stock, described by its breadth across categories and depth within each category, to match the needs of its target shopper.

Managing a group of related products as a strategic business unit, deciding range, pricing, promotion and shelf space together to grow sales and profit for the whole category.

A diagram showing exactly where each product should sit on a shelf or fixture, including facings and quantity, used to keep displays consistent and to guide replenishment.

Presenting products and the store environment through layout, displays, lighting, signage and colour so that shoppers notice goods, linger longer and buy more.

The planned arrangement of aisles, fixtures, counters and departments inside a shop, designed to guide shopper movement and expose customers to as much merchandise as practical.

An unplanned purchase made on the spot in response to a sudden urge, often triggered by attractive displays, placement near the till or a limited-time offer.

A pricing approach where a retailer sets consistently low prices and avoids frequent discounts, aiming to build a reputation for value and reduce the cost of promotions.

A pricing approach where a retailer charges higher regular prices but runs frequent sales and promotions, attracting both full-price buyers and deal-seeking shoppers.

The amount added to the cost of a product to set its selling price, often expressed as a percentage of cost or of retail price.

A reduction from the original selling price, used to clear slow-moving stock, respond to competitors or attract customers, and recorded to track its effect on margin.

The difference between net sales and the cost of goods sold, showing what a retailer keeps from sales before covering operating expenses such as rent, wages and electricity.

The assistance and experience a retailer provides before, during and after a sale, including staff helpfulness, complaint handling, returns and after-sales support.

The degree to which a product or store experience meets or exceeds a buyer's expectations, shaped by perceived quality, value and the handling of problems.

A shopper's consistent preference for and repeat patronage of a particular brand or store, often reflected in repeat visits, larger baskets and willingness to recommend.

Tracking and controlling the quantity and value of stock held, balancing the cost of carrying goods against the risk of running out and losing sales.

The stock level at which a fresh order must be placed so that normal demand during the lead time is covered before the new stock arrives.

The period between placing an order and receiving the goods, used to set reorder points and safety stock so shelves do not go empty.

The number of times average inventory is sold and replaced in a period, indicating how efficiently a retailer uses the money tied up in stock.

The network of suppliers, manufacturers, distributors, warehouses and retailers that moves goods and information from raw material to the final customer.

The planning and management of storage, movement and delivery of goods, including warehousing, transport and last-mile delivery to stores or customers.

Serving customers through integrated physical stores, websites and apps so that browsing, buying, returning and support work seamlessly across all channels.

Buying and selling goods or services over digital networks, including online storefronts, marketplaces and mobile apps, supported by digital payment and delivery.

Promoting products through online channels such as search, social media, email, display advertising and influencer content, usually measured by clicks, reach and conversion.

The percentage of visitors or enquiries that result in a desired action such as a purchase or sign-up, used to judge how well a marketing or retail channel performs.

A person whose views on a product category are respected and followed by others, often used by marketers to spread information and influence purchase decisions.