Retail Industry Fundamentals Review Part 3

These are targets that are set for a variety of different levels within the company

• company goals

• sales goals

• customer service targets

• merchandising targets

This helps determine where a retailer is with meeting their sales goals

• Key Performance Indicators (KPI)

• Sales Goal Tracking (SGT)

• Units Sold per Transaction (UST)

• Total Transactions Processed (TTP)

Jon is a sales associate at a local car dealership. His monthly sales goal is $800,000. If Jon works 20 days per month, how much would he need to sell each day (on average) to meet his sales goal?

• $35,500

• $43,237

• $29,062

• $40,000

Is the following an example of cross-selling or upselling?

"We just got some new boots in that would look perfect with that dress. Would you like to take a look before checking out?"

• upselling

• cross-selling

Is this an example of upselling or cross-selling?

"I see that you are interested in this new smart phone. Could I interest you in taking a look at the next model? It has better features and is only $100 more."

• up selling

• cross-selling

Which response is the best for this customer?

"This is the perfect coat for my daughter, but I am worried that this size is too big."

• "Sorry about that."

• "That is the only one we have left in that style. Would you like to look at some different ones in that color?"

• "Maybe try a different store. I heard they have a larger stock."

• "Take it home and let her try it on. If it does not fit, you can return it within 30 days as long as you have the receipt."

What is the purpose of upselling and cross selling?

• to help meet or exceed your sales goals

• to trick the customer

• to sell customers extra items they likely don't need

You are a server at a fine dining establishment. One of the customers orders grilled chicken as their entrée. Give an example below of a way you could up-sell their order.

You are a server at a fine dining establishment. Your customer orders a steak dinner. Give an example of how you could cross sell this order.

Which of the following components are essential when completing a sale? (Check all that apply)

• Respond to undecided customers and their objections

• Explain your store's return policy

• Process transactions

• Use transition statements to get them to the register.