From the first day of my internship I learned that I was going to have to ask a lot of questions if I was going to be successful. I know from my previous internship that each place of business has its own lingo and abbreviations (who would have guessed that NDI stands for Next Day Interviews and IV means Increased Visibility?). So here is a list of some of the things I have picked up so far! Hopefully if you are interning in retail or marketing they will be helpful!
- DC: Distribution center: A warehouse that is stocked with products to be redistributed to stores around the country
- DM: District Manager: A person who manages a set of stores. For example, one person might oversee 10 stores in Ohio.
- MOD: Manager on Duty: Most stores have a few managers. MOD is the one who is working at the store at that moment.
- BOPIS: Buy Online, Pick up in Store: A great option that DSW has that allows you to buy a product online and pick it up at a location near you!
- TB: Touch base: A quick meeting, usually with your supervisor to update them on what is going on.
- EOD: End of Day: Example: “Have this report to me by EOD.”
- CTA: Call to Action: a link or image that encourages a consumer to take action (example: visit website)
- OOO: Out of Office: Example: “Her calendar says that she is OOO Monday through Wednesday on a trip to Boston.”
- POS: Point of Sale: The time and place where a transaction takes place.
I’m sorry to let you know but the vocab words you learned in Marketing 3250 with Terry Paul actually come in handy! Here a just a few that I hear on a regular basis!
- Omni-Channel Retailing: provide a customer with multiple ways to shop (example DSW stores, mobile site and computer site).
- Pop-Up Shop: short term or flash retailing in a temporary location. Example: DSW partnered with Teva at Coachella and Bonnaroo for a pop-up location where people could buy and decorate a pair of Tevas!
- Perceived Value: Customer’s evaluation of the benefits and costs of an offering relative to those of competing offers. For example, DSW offers a better added value for their shoes than competitors and even displays other prices on their website.
- Frequency marketing program: The more you buy, the more you save! DSW rewards members get 10 points for every $1 spent! At 1,500 points you get $10 off!
- Market targeting: evaluating markets and selecting which one(s) to enter. DSW selected about 20 stores to test market kids shoes in the last year!
*Fun Fact: DSW offers free shipping to ALL Rewards Members (takes about 1 minute to sign up)! And to answer your question, yes, I’ve bought way too many shoes already!
**Tip of the day: Always keep a notepad with you whenever you go to a meeting or even to ask your manager a question. You never want to be caught off guard or forget something because you didn’t take notes. This is also a great place to keep a list of all the acronyms you learn!
*** Embarrassing moment: Each conference room at DSW is named after a street in New York, so I spent a good 15 minutes looking at a map of the building to find where my next meeting was. I finally gave up and asked around. Apparently “CRD” stands for “Courtney Russell’s Desk”…well that was embarrassing. Lesson? Just ask