10-14-2013
It is time for a test. You knew it was coming! Let?s review your knowledge of retail terms and phrases along with some other key things you should know as a media sales rep. The answers and grading are at the bottom. No peeking at the answers!
1) Customer retention time during a closing presentation is typically only______ minutes. (Were you paying attention in Orlando?)
a. 9 minutes
b. 13 minutes
c. 17 minutes
d. 21 minutes
2) A spread is the difference between the cost and the mark-up price.
True or False?
3) ?Keystone? is a method whereby the cost price is ________________ to arrive at the selling price.
a. Tripled
b. Doubled
c. Double plus half
d. Marked down
4) POS (Point Of Sale) is designed to stimulate a purchase at the retail store.
True of False?
5) In order to complete a Return On Investment worksheet, you must have the customer?s:
a. __________________
b. __________________
c. __________________
6) Accrual is most commonly referred to as ________________.
a. Slush funds
b. Co-op money
c. New market funds
d. Finance and insurance money
7) A launch is a rollout of________________________
a. Tide detergent
b. The book "The Liquid Fire"
c. Pass pattern in a football game
d. New-product introduction
8) "Forward buying" is the process of buying excess product and later sold at____________
a. Half price
b. No charge
c. Full price
d. Given to a retailer
9) Unique Visitors to a website are counted only ______________ no matter how many times they visit over a determined amount of time.
a. Twenty times
b. Once
c. Five times
d. Two times
10) "Margin" is referred to as "gross profit."
True of False?
11) "Hit" is an antiquated term for visits to a website. One page can have 15 hits on it. If the Hilton Hotel homepage has 45 hits in one day, it has an average of three unique visitors.
True of False?
12) An acceptable ?Return On Investment? return threshold for a marketing campaign is________
a. 10%
b. 5%
c. 15%
d. 20%
13) "Click-through rate" is the number of times that viewers click on an advertisement and is expressed as a percentage against Gross Impressions.
True or False?
14) During the CMP/CNA process and follow-up, the prospect's/client?s __________ must be clearly defined.
a. Goals
b. Objectives
c. Neither of the above
15) ?Vertical co-op? is a program that combines a retailer?s accrual from various manufactures to fund a schedule.
True of False?
16) According to a General Electric study, the required frequency to get people to move to a specific action over a specific time period is:
a. 3.0 times
b. 3.29 times
c. 3.65 times
d. 100 times
17) There is never a bad time to ask for a _______________________.
a. Dose of Nyquil
b. Nail in your tire
c. Referral
18) A display allowance is a ________________________________.
a. Incentive
b. Co-op money
c. Back-end money
d. Money to buy new mannequins
19) In your 4 Buying Influences, the ?Economic Buying Influence? does what?
a. Sends your proposal up the ladder
b. Helps you find a new job
c. Makes the decision on buying your product or service
d. Takes you to the woodshed
20) ?Average Sale? is also referred to as _____________________.
a. Average salesperson
b. Average ticket
c. Average Joe
d. Average incompetent
Bonus Question for 5 points: The quote, ?I've learned that you shouldn't go through life with a catcher's mitt on both hands; you need to be able to throw something back,? is attributed to:
a. Martin Luther King Jr.
b. Derek Jeter
c. Errol Flynn
d. Maya Angelou
Answer key: 1, c. 2, T. 3, b. 4, T. 5, Gross profit margin, average sale & closing ratio. 6, b. 7, b and d. 8, c. 9, b. 10, T. 11, T. 12, d. 13, T. 14, a and b. 15, T. 16, b. 17, d. 18, a. 19, c. 20, b. Bonus: Maya Angelou
Scoring: 5 points for each correct answer.
90-105: Awesomeness!
80-90: ?Lean In And Let?s Get Started.? We have some work to do.
70-80: You need to try The Liquid Fire!
Under 70: Let?s start again!
Sean Luce is the Head National Instructor for the Luce Performance Group and can be reached at Sean@luceperformancegroup.com or www.luceperformancegroup.com.
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