Chapter 3 test

Question 1

1-Name something that is used to compare information.

Answer 1

Bar Graph

Question 2

2-The number of actual sales transactions made

Answer 2

-Actual Sales

Question 3

3- Composed of retailer’s most loyal customers

Answer 3

-Platinum Segmen

Question 4

4-These customers represent the lowest segment and can actually cost the company money

Answer 4

-Lead Segment

Question 5

5-Total number of items within each transaction

Answer 5

-Units per transaction

Question 6

6-Shows hos data changes over a period of time

Answer 6

-Line graph

Question 7

7- Customers receive special offers or rewards

Answer 7

-Loyalty program

Question 8

8-20% of the customers make up this segment

Answer 8

-Good segment

Question 9

9-Used by managers to gauge ow well the store and each department are operating

Answer 9

-Francial Report

Question 10

10-Required on all purchases

Answer 10

-Sales Required

Question 11

11-A customer recommends a store or sales person based on his or her experience

Answer 11

-Referral

Question 12

12-Represents percentages or proportions where the entire portion represent 100% and each smaller portion represents a piece of the 100%.

Answer 12

-Precharts

Question 13

13-The price the customer is willing to pay for the products or service.

Answer 13

-Price sensibility

Question 14

14-These customers are extremely price conscious.

Answer 14

-Iron segments

Question 15

15-Be able to figure a discount on a sales item.

Answer 15

-Price munching

Question 16

16-Be able to read a pie chart.

Answer 16

-Unpriced Merchandise

Question 17

17-These customers represent the lowest segment and can actually cost the company money.

Answer 17

• Platinum
• Gold
• Iron
• Lead

Question 18

18-What items should client’s records include?

Answer 18

-Its necessary to keep records on your customer for better seem them

Question 19

19-What rule states that a small number of customers account for the majority of your profits?

Answer 19

-20 rule

Question 20

20-In retail sales, the price on items in the store are always the same prices as on the store’s website? True or False

Answer 20

-False

Question 21

21-Word-of-mouth recommendations are the best means of advertising?
True or False

Answer 21

True

Question 22

22-What three things are typically found in an ad?

Answer 22

• Regular priced merchandise.
• Sale merchandise.
• Clearance merchandise.

Question 23

23-What does offering a “unique selling proposition” mean?

Answer 23

-An after the retailer makes a difference from others retailers who after the same or similar products or service. ex: A domino’s pizza make yours 30 min or it would be free

Question 24

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

Answer 24

a. coupons
b. news paper ads
c. flyers and circulars

Question 25

25-What is the general rule in retail sales?

Answer 25

-The customer is always right