Chapter 4, Quiz 1 Set

Question 1

Name something that is used to compare information.

Answer 1

Bar Graph

Question 2

The number of actual sales transactions made.

Answer 2

Total Number of Transactions

Question 3

Composed of retailer’s most loyal customers.

Answer 3

Platinum Segment

Question 4

These customers represent the lowest segment and can actually cost the company money.

Answer 4

Lead Segment

Question 5

Total number of items within each transaction.

Answer 5

Units per Transactions

Question 6

Shows how data changes over a period of time.

Answer 6

Line Graph

Question 7

Customers receive special offers or rewards.

Answer 7

Loyalty Program

Question 8

20% of the customers make up this segment.

Answer 8

Gold Segment

Question 9

Used by managers to gauge how well the store and each department are operating.

Answer 9

Financial Reports

Question 10

Required on all purchases.

Answer 10

Sales Tax

Question 11

A customer recommends a store or sales person based on his or her experience.

Answer 11

Referral

Question 12

Represents percentages or proportions where the entire portion represents 100% and each smaller portion represents a piece of the 100%.

Answer 12

Pie Charts

Question 13

The price the customer is willing to pay for the products or service.

Answer 13

Price Sensitivity

Question 14

These customers are extremely price conscious.

Answer 14

Iron Segment

Question 15

Be able to figure a discount on a sales item.

Answer 15

Find the original price (for example $90 )&raquo_space; Get the the discount percentage (for example 20%&raquo_space; Calculate the savings: 20% of $90 = $18.&raquo_space; Subtract the savings from the original price to get the sale price: $90 - $18 = $72.

Question 16

Be able to read a pie chart.

Answer 16

The entire circle/pie represents 100% and the size of the slices give a sense of proportion to each piece.

Question 17

In the customer pyramid, customers in the lead segment get their name from?

Answer 17

By being like a weight and costing the company money

Question 18

What items should client’s records include?

Answer 18

Needs, preference, anything the customer is willing to share.

Question 19

What rule states that a small number of customers account for the majority of your profits?

Answer 19

80-20 Rule

Question 20

In retail sales, the price on items in the store are always the same prices as on the store’s website? True or False

Answer 20

False

Question 21

Word-of-mouth recommendations are the best means of advertising?
True or False

Answer 21

True

Question 22

What three things are typically found in an ad?

Answer 22

<> Regular priced merchandise – new items, latest trends
<> Sale Merchandise - Retailers run sales as a way to get customers into the store
<> Clearance Merchandise – Reduced priced items the retailer no longer wants

Question 23

What does offering a “unique selling proposition” mean?

Answer 23

An offer the retailers makes that differentiates them from other retailers who offer the same or similar products or services.

Question 24

Name three ways retailers can tell customers about their sales and promotions.

Answer 24

<> Coupons
<> Newspaper ads
<> Flyers and Circulars

Question 25

What is the general rule in retail sales?

Answer 25

The customer is always right