Chapter 3 Test P.O.B

Question 1

Name something that is used to compare information?

Answer 1

Analogy

Question 2

The number of actual sales transactions made?

Answer 2

Transactions

Question 3

Composed of retailer’s most loyal customers?

Answer 3

25%

Question 4

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

Answer 4

Customers with the lowest value

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 Graph

Question 7

20% of the customers make up this segment.

Answer 7

80% of the effects of actions comes from 20% of the cause

Question 8

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

Answer 8

Operations managers

Question 9

Required on all purchases.

Answer 9

Authentication

Question 10

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

Answer 10

a person recommends a store/ salesperson based on his/hers experience

Question 11

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

Answer 11

Percent Proportion

Question 12

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

Answer 12

The maximum price a customer is willing to pay

Question 13

These customers are extremely price conscious.

Answer 13

Consumers who are unwilling/unable to pay higher price

Question 14

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

Answer 14

Find the original price

Question 15

16.Be able to read a pie chart.

Answer 15

Department created the largest and smallest profit

Question 16

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

Answer 16

signed paperwork

Question 17

18.What items should client’s records include?

Answer 17

The 80-20 rule

Question 18

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

Answer 18

True

Question 19

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 19

False

Question 20

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

Answer 20

Advertising Ads

Question 21

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

Answer 21

the essence of what makes your product better

Question 22

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

Answer 22

A retail promotion

Question 23

25.What is the general rule in retail sales?

Answer 23

Customer King