chapter 4 quiz

Question 1

name something that is used to compare information.

Answer 1

bar graph

Question 2

the total number of actual sales transactions made

Answer 2

total number of transaction

Question 3

composed of retailers most loyal customers

Answer 3

platinum segment

Question 4

these customers represent the lowest segment and can actually 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 graph

Question 7

customers receive special offers or rewards

Answer 7

loyalty programs

Question 8

20% of the customers make up this segment

Answer 8

gold segment

Question 9

used by managers to gauge how well the store and each department are operating

Answer 9

financial reports

Question 10

required on all purchases

Answer 10

sale tax

Question 11

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

Answer 11

referrals

Question 12

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

Answer 12

pie charts

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 conscious

Answer 14

iron segment

Question 15

be able to figure a discount on a sales item

Answer 15

find the original price, get the discount percentage, calculate the savings, subtract the saving from the original price to get the sale price $160-15%=136

Question 16

be able to read a pie chart

Answer 16

represents percentages or proportions where the entire circle/pie represents 100% and size of the slices give a sense of proportion to each piece

Question 17

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

Answer 17

by being like a weight and costing the company money or lead

Question 18

what items should clients records include

Answer 18

name, address, telephone number, and other occupations/hobbies

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 sale the price on items in the store are always the same prices as on the stores website

Answer 20

false

Question 21

word of mouth recommendations are the best mean of advertising

Answer 21

true

Question 22

What three things are typically found in an ad?

Answer 22

regular priced merchandise, sale merchandise, and clearance merchandise

Question 23

What does offering a “unique selling proposition” mean?

Answer 23

an offer the retailer makes to differentiates them from other retailers who offer the same similar products or services

Question 24

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

Answer 24

coupons, newspaper ads, and flyers

Question 25

What is the general rule in retail sales

Answer 25

The customer is always right