Retail Terms Glossary: What the Heck Do All These Business Acronyms Mean?
Recently, Storesupport Canada President Sara Clarkson has been receiving an increase of emails containing confusing acronyms. Are you in the same boat? Read on for the business acronym glossary of the 21st century.
Here’s what Sara has to say:
I don’t know about you, but lately I have been hearing acronyms all over the place that are making me stop and go: “Huh?” Do you remember back when we were all confused by “LOL” and “IRL” and “WTF”? Well, today’s acronyms are even more complicated.
Here’s an example of two emails that I recently received that left me scratching my head (identifying details have been changed for privacy):
Hi Sara – thx for reaching out. This type of decision and spend typically comes from PFME budgets which CCSD and Marketing control vs TTS which sales controls. From our company’s POV, I believe you’d be best to network in through those channels. Re: timing, the integrated customer plans (ICP) and customer business plans (CBP) processes will begin in June/July for 2020. Might be a good idea to attempt to get your pitch and ROI impact story in to those departments around that time. All the best and good luck!
Off the top of my head, there were several acronyms there I had never seen before: PFME, CCSD, TTS, and ICP and CBP (which were explained in the email). I had seen POV and ROI before but still… coupled with the other acronyms, it reminded me of an alphabet soup.
Here’s the second email:
If we are reaching out to FLS…, whatever purpose this will be deemed private data and compliance must be met through the contract even if it means storing in hard copy or any other form.
On DPIA I will answer the queries with business based on inputs.
In that email, I had never seen FLS or DPIA before!
Can you relate?
If you, too, have been scratching your head over some of these acronyms, now’s the chance to get answers.
Here’s a helpful glossary for deciphering these business terms:
PFME: Product Fixed Marketing Expenditure
CCSD: Channel Category Sales Development
ICP: Integrated Customer Plans
CBP: Customer Business Plans
POV: Point Of View
ROI: Return On Investment
FLS: Field Level Security
DPIA: Data Protection Impact Assessment
What business acronyms have you encountered that have left you totally bewildered – in the retail industry or otherwise? Let us know on social media. Storesupport Canada is on Twitter, Facebook, and LinkedIn.
We help manufacturers and retailers put their best feet forward. Contact us today to see how we can help. Call 1-877-421-5081 or visit www.storesupport.ca. We promise not to use any confusing acronyms 🙂« Back to Blog