chapter 3 Flashcards
(24 cards)
something that is used to compare information
bar graphs
number of actual sales transactions made
total number of transactions
composed of retailer 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 transaction
shows how data changes over a period of time
line graphs
customers receive special offers or rewards
loyalty program
20% of the customer’s 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 represent 100% and each smaller portion represents a piece of the 100%
pie chart
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.
figuring discounts
in the customer pyramid, customers in the lead segment get their name from?
lowest segment and can cost the company money
what items should client’s records include?
name, address, telephone numbers, occupation or hobbies
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, sale merchandise, clarence merchandise
what does offering a “unique selling proposition” mean?
an offer the retailer makes to differentiate 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
what is the general rule in retail sales?
the customer is always right
