chaptwer thr3 tesgt Flashcards
Name something that is used to compare information.
bar graph
The number of actual sales transactions made.
total number of 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 transaction
Shows how data changes over a period of time.
Line graph
Customers receive special offers or rewards.
loyalty program
20% of the customers make up this segment.
gold segment
Used by managers to gauge how well the store and each department are operating.
Financial reports
Required on all purchases.
Needs, preferences, anything the customer is willing to share
A customer recommends a store or sales person based on his or her experience.
Referral
Represents percentages or proportions where the entire portion represents 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
Figuring discounts
Be able to read a pie chart.
represents percentages or proportions where the entire circle/pie represents 100% and the size of the slices give a sense of proportion to each piece
In the customer pyramid, customers in the lead segment get their name from?
costing the company money
What items should client’s records include?
Name
Address
Telephone Number(s)
Occupation
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?
False
Word-of-mouth recommendations are the best means of advertising?
True
What three things are typically found in an ad?
original Product, original Price, and clearance price
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
Regular priced merchandise
Sale merchandise
Clearance merchandise
What is the general rule in retail sales?
The customer is always right
