The Most Annoying Retail Jargon You Need to Know
There’s a lot of really ridiculous and quite frankly, useless slang out there. I still remember my confusion the first time my boss told me I didn’t have enough bandwidth to take on another project. Or when my fourteen-year-old cousin fist-pumped at me and excitedly blurted out YOLO. But if you’ve already considered pulling out Urban Dictionary to get through the first paragraph of this article, you’ve got somethin’ else coming for you.
Get this. There is a way to justify using jargon: When it makes you sales. Below we’ve compiled a list of business nomenclature that you would only hear when you’re surrounded by people who know what they’re talking about.
Be like them. Here we go.
What it is: Manufacturer’s Suggested Retail Price
Why it’s important: The MSRP is the price that the maker of the product would like to sell each unit for. Maybe its $24.99/unit or $5.67/case. Retailers will ask for this when they pick up your product – so be prepared.
What it is: Point of Purchase
Why it’s important: This is quite literally, where people buy products. The point of purchase can be thought of on two different levels; the macro level are places of business like shopping malls or grocery stores, the micro level refers to the place surrounding where the transaction is made (the clerk’s counter). This is usually referred to when considering how to maximize sales within the area at hand. A pull-off coupon below a product in the grocery store is an example of a POP material.
What is it: Over and above funds
Why it’s important: Ever had a project go over budget? Over and above funds are the money you put aside in case a project gets a little out of hand! This can also be called ‘end money’.
What is it: Consumer Packaged Goods
Why it’s important: Consumer packaged goods are products that customers consume and replace frequently in their daily lives . If you’re reading this and are on Hubba, chances are you’re a CPG brand. Examples of this would be apparel, toys, food, sporting goods, home supplies, personal care items. This category doesn’t include products you keep for a long time like a house or a vehicle.
What is it: Temporary Price Reduction
Why it’s important: Sales! Anytime you discount an item for a special event, it’s a TPR.
Want to dig deeper into the mind of retailers? Check out these articles:
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