Become a retail execution expert!
In the consumer goods industry, there are many acronyms used, and sometimes you may not understand all of them. At StayinFront Retail Data Insight, we are definitely guilty of using many acronyms, so let us help you stay on top of the key acronyms to ensure you are a retail execution expert!
Below are some of the top acronyms that we believe would be helpful to anyone in the consumer goods industry:
ATL – Above the Line
Above the line marketing includes mass marketing strategies which are largely untargeted and are focused on building the brand.
BSE – Book Stock Error
This occurs when the information entered on the store’s stock control system is inaccurate.
BTL – Below the Line
Below the line marketing include direct marketing strategies directed to specific target groups and focused on conversions rather than building the brand.
EDLP – Every Day Low Prices
The pricing strategy used by retail stores that provides low prices to the customers every single day without any special pricing discount.
POS – Point of Sale
Any computerized system, which may include devices such as barcode readers, scanners and touchscreens which is used to record sales and control stock.
GE – Gondola End
The in-store selling space that is located at the end of an aisle.
JBP – Joint Business Plan
A structured plan that helps both parties expand business relationship beyond traditional means and achieve ultimate goals. This improves sales, profit margins and market growth.
KPI – Key Performance Indicator
A set of quantifiable measures that a company uses to access its performance over a certain period of time.
LSV – Lost Sales Value
Value of selling opportunities that you have lost because an item was out of stock or because you do not carry a particular brand.
MSL – Must Stock List
A list of inventory of the goods or raw materials kept on the premises of a shop or business.
NPD – New Product Development
The process of bringing a new product to the marketplace.
OOS – Out of Stock
A situation where the retailer does not physically possess a particular product category, on its shelf, to sell to the customer.
OSA – On-shelf Availability
The availability of products for sale to a shopper, in the place they expect it and at the time they want to buy it.
POP – Point of Purchase
When planning the placement of products for consumers, such as product displays strategically placed in a grocery store aisle
POSM- Point of Sales Material
These are advertising materials that are used to communicate product information to the consumers at the point of sale.
POS – Point of Sale
The time and place where a retail transaction is completed.
RGM – Revenue Growth Management
Helps companies increase profit and margin by targeting shopping and consumption occasions.
ROI – Return on Investment
The ratio between the net profit and cost of investment resulting from an investment of some resources.
RSP – Retail Selling Price
A retail price is the cost paid for a good at retail stores. It is a term applied to the price that final consumers pay at retail outlets to differentiate from intermediate prices paid upward in the supply chain.
SEL- Shelf Edge Label
These labels are used in retail environments to display information about products and are usually slotted into a data strip (also known as a ticket rail or strip or a scanner rail or strip).
SKU – Stock Keeping Unit
An identification, usually alphanumeric, of a particular product that allows it to be tracked for inventory purposes.
SNS – Stock No Sales
A situation where the retailer does physically possess a particular product on its shelf, however no sales of the product are being made.
SOP – Size of Prize
The worth of an opportunity for your company when allocating resources to each task.
SOS – Share-of-Shelf
The total amount of space available in a store to display goods for sale, or the amount of space for particular goods.
SRP – Shelf Ready Packaging
Refers to the packaging of a product so that it is delivered to a retailer in packaging which is optimized for efficient stocking and sale.
TTL – Though the Line
An integrated approach where both ATL and BTL strategies are combined. The objective here is to get a holistic view of the market and communicate with customers in every way possible.
We hope this helps you on your retail execution journey. If you have any questions, please email us. Or, to find out more about these terms, visit our resources page.