Chapter 4, Quiz 1 Set Flashcards
(25 cards)
Name something that is used to compare information.
Bar Graph
The number of actual sales transactions made.
Total Number of Transactions
Composed of retailer’s most loyal customers.
Platinum Segment
These customers represent the lowest segment and can actually cost the company money.
Lead Segment
Total number of items within each transaction.
Units per Transactions
Shows how data changes over a period of time.
Line Graph
Customers receive special offers or rewards.
Loyalty Program
20% of the customers make up this segment.
Gold Segment
Used by managers to gauge how well the store and each department are operating.
Financial Reports
Required on all purchases.
Sales Tax
A customer recommends a store or sales person based on his or her experience.
Referral
Represents percentages or proportions where the entire portion represents 100% and each smaller portion represents a piece of the 100%.
Pie Charts
The price the customer is willing to pay for the products or service.
Price Sensitivity
These customers are extremely price conscious.
Iron Segment
Be able to figure a discount on a sales item.
Find the original price (for example $90 )»_space; Get the the discount percentage (for example 20%»_space; Calculate the savings: 20% of $90 = $18.»_space; Subtract the savings from the original price to get the sale price: $90 - $18 = $72.
Be able to read a pie chart.
The entire circle/pie represents 100% and the size of the slices give a sense of proportion to each piece.
In the customer pyramid, customers in the lead segment get their name from?
By being like a weight and costing the company money
What items should client’s records include?
Needs, preference, anything the customer is willing to share.
What rule states that a small number of customers account for the majority of your profits?
80-20 Rule
In retail sales, the price on items in the store are always the same prices as on the store’s website? True or False
False
Word-of-mouth recommendations are the best means of advertising?
True or False
True
What three things are typically found in an ad?
<> 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
What does offering a “unique selling proposition” mean?
An offer the retailers makes that differentiates them from other retailers who offer the same or similar products or services.
Name three ways retailers can tell customers about their sales and promotions.
<> Coupons
<> Newspaper ads
<> Flyers and Circulars
