Terms Flashcards
Referral
The process of directing or redirecting to an appropriate specialist
Testimonials
Something given in appreciation of a persons service or achievement
Sales aid
Providing customers with the aid they need to make a successful purchase of a product they came in for
Open-ended questions
Questions that take a response not a yes or no response
Product knowledge
Prior/ background knowledge about a product
Psychographics
the study and classification of people according to their attitudes, aspirations, and other psychological criteria, esp. in market research.
Sales quota
The average sales made in a period of time
Suggestion Selling
After you get the customer to the counter with the product they are going to buy, you suggest other products related to the one they’re buying
Customer Loyalty Program
A program that benefits/rewards the customer for shopping at your store or buying your products
Cold-call
Showing up to meet with a customer without planning
IRA (Roth & Traditional)
‘Traditional IRA’ An individual retirement account (IRA) that allows individuals to direct pretax income, up to specific annual limits, toward investments that can grow tax-deferred
an individual retirement account allowing a person to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59½ are tax-free.
Expense Ratio
The average amount of money expected to be spent on necessary products for a business
Compound Interest
When you add money to a savings account compound interest adds to it creating a huge increase in savings
401k
A 401(k) plan is the common name in the USA for the tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Taxation Code
Mutual Fund
an investment program funded by shareholders that trades in diversified holdings and is professionally managed.
