Chapter 3

Question 1

Name Something that is used to compare information

Answer 1

Bar Graphs

Question 2

The number of actual sales transactions made

Answer 2

Total number of transactions

Question 3

Composed of retailers most loyal customers

Answer 3

Platinum Segment

Question 4

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

Answer 4

Lead Segment

Question 5

Total number of items within each transaction.

Answer 5

Units per transaction

Question 6

Shows how data changes over a period of time.

Answer 6

Line Graphs

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 ow 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 represent 100% and each smaller portion represents a piece of the 100%.

Answer 12

Pie Chart

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

20% of $90=$18

Question 16

Be able to read a pie chart.

Answer 16

Look for the differences in size of the categories

Question 17

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

Answer 17

By costing the company money

Question 18

What items should client’s records include?

Answer 18

Signed paperwork

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?

Answer 20

False

Question 21

Word-of-mouth recommendations are the best means of advertising?

Answer 21

False

Question 22

What three things are typically found in an ad?

Answer 22

regular priced merchandise , sale merchandise, clearance merchandise

Question 23

What does offering a “unique selling proposition” mean?

Answer 23

The essence of what makes your product or service better than competitors.

Question 24

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

Answer 24

Online, Ads, Store Signs

Question 25

What is the general rule in retail sales?

Answer 25

Customer is king