Strand 3
What is cost-plus pricing?
simply calculating the costs, and adding them up.
What is the most common style of display in stores?
A table display
What is a pro of online advertising?
Most people use the internet daily so people will most likely see it.
Name one good characteristic of an effective sales associate:
Dependability., Communication skills, Being self-motivated, Respect for leaders and co-workers, A positive attitude.
Define Customer Service
- The assistance or advice provided by a company to those people who use its products or service.
What is a markup?
the amount added to the price of goods to cover overhead and profit.
What is visual merchandising?
This is the practice in the retail industry of developing floor plans and three-dimensional displays in order to maximize sales and the purpose of such visual merchandising is to attract, engage, and motivate the customer towards making a purchase.
What is a con of Print advertising?
It is hard to get the Return on Investment with this
Name a retail associate task
Greeting customers, responding to questions, improving engagement with merchandise and providing outstanding customer service.
Customer Service Expectations?
Striving for full customer satisfaction with a smile
What is value based pricing?
setting a price based on how much the customer believes what you’re selling is worth
What is store design and layout?
the strategic use of space to influence the customer experience. How customers interact with your merchandise affects their purchase behavior.
Name the 3 types of advertising media
Print, Online, Broadcast
True or false: Prospecting is one of the steps of making a sale
True
Word of mouth?
the passing of information from person to person
Name 3 Pricing Strategies
Cost-plus, Competitive, Value-Based, Price Skimming, Penetration pricing.
What types of visual merchandising do we have at the Mine?
The shirts on display, music playing makes people less nervous, the front display with candy and such.
What is a con of broadcast media?
It can be very expensive
True or false: Follow up is the middle step of making a sale
False
employee empowerment?
Giving a "job well done" will make employees have an incentive to work harder and continue the good work they are already doing
Competition, Product Characteristics, Product Demand, and Pricing Objectives
What is the purpose of visual merchandising?
the purpose of such visual merchandising is to attract, engage, and motivate the customer towards making a purchase.
What is the promotional mix?
One of the 4 P’s of marketing (which includes advertising, public relations, personal selling and sales promotion). It is essentially used to show off the product and price of said product.
True or false: Preparation is the second step of making a sale
True
True or False? The employee should not care about the customer