Chapter 3 Flashcards
Name something that is used to compare information.
bar graphs
The number of actual sales transactions made.
total number of sales 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 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 90 - 18 = 72
Be able to read a pie chart.
when you compare multiple pie charts, look for differences in the size of slices for the same category in all the pie charts
In the customer pyramid, customers in the lead segment get their name from?
lead being the least precious metal
What items should client’s records include?
name, address, telephone number, 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 merchandise, sale merchandise, clearance merchandise
What does offering a “unique selling proposition” mean?
an offer the retailer makes to 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.
ads, special events, coupons
What is the general rule in retail sales?
the customer is always right
