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 20:20 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.
EPoS – Electronic 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.