Chapter 3 Flashcards
Name Something that is used to compare information
Bar Graphs
The number of actual sales transactions made
Total number of transactions
Composed of retailers most loyal customers
Platinum Segment
These customers represent the lowest segment and can 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 customers make up this segment
Gold Segment
Used by managers to gauge ow 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.
20% of $90=$18
Be able to read a pie chart.
Look for the differences in size of the categories
In the customer pyramid, customers in the lead segment get their name from?
By costing the company money
What items should client’s records include?
Signed paperwork
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?
False
Word-of-mouth recommendations are the best means of advertising?
False
What three things are typically found in an ad?
regular priced merchandise , sale merchandise, clearance merchandise
What does offering a “unique selling proposition” mean?
The essence of what makes your product or service better than competitors.
Name three ways retailers can tell customers about their sales and promotions.
Online, Ads, Store Signs
What is the general rule in retail sales?
Customer is king
