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## Marketing Mathematics

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**Marketing Mathematics**“A Basic Skill Needed in Life and in Any Business”**Marketing Mathematics**What Kind of Mathematics Do We Use in Business???**Marketing Mathematics**• Addition • Subtraction • Multiplication • Division • Fractions • Percentages**Marketing Mathematics**• Addition • Subtraction • Multiplication • Division • Fractions • Percentages • It’s Not Calculus!!**Marketing Mathematics**• Addition • Subtraction • Multiplication • Division • Fractions • Percentages**Marketing Mathematics**How Do We Use Mathematics in Business???**Marketing Mathematics**Identify situations in which the ability to add & subtract are required: Discussion**Marketing Mathematics**Identify situations in which the ability to add & subtract are required: • Cashier’s daily balance • Daily sales summary • Customer accounts • Sales checks • Counting $$$ • Inventory**Marketing Mathematics**Identify situations in which the ability to multiply & divide are required: Discussion**Marketing Mathematics**Identify situations in which the ability to multiply & divide are required: • Bulk pricing • Average sales • Extensions • Ad time purchases • Payment plans**Marketing Mathematics**Identify situations in which the ability to calculate percents & fractions are required: Discussion**Marketing Mathematics**Identify situations in which the ability to calculate percents & fractions are required: • Time cards • Discounts • Markup • Sales tax calculations**Marketing Mathematics**Be Able to Complete a Standard “Sales Check” to 100% Accuracy**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Use of the sales receipt • Customer receipt • To determine commissions • Planning future purchases • Market research • Billing information • Calculating of taxes • Delivery information**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Types of sales transactions • Cash/Check • Charge • Layaway • Discount • Cash on Delivery “COD” • Returns/Exchanges**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Types of sales transactions • Cash/Check • Charge • Layaway • Discounted • Cash on Delivery “COD” • Returns/Exchanges WHY???**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Rules to completing a sales check • Fill in all necessary information • Be legible & accurate • Use in correct order**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Making Change • The “Count-Back Method” • Announce the $$$ amount of the sale • Place bill on register plate • Repeat the amount tendered**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Making Change (Continued) • The “Count-Back Method” • Count the amount out of the register to yourself • . . . then to the customer • Place money in the register properly**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Making Change (Continued) • The “Count-Back Method” • Place the receipt in the customer’s hand • Thank the customer • Use the fewest bills & coins possible!!!**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Making Change (Continued) • Avoiding mistakes • Remain calm/focused • Be willing to start over • Do one transaction at a time • Never put bill in register until finished • Enter information carefully**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • The Cash Drawer:**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • The Cash Drawer: • Bills are placed flat and facing the same direction • Fifties and above are placed under the register drawer • Maintain an adequate change fund • Ask for change in advance**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to complete a charge sales transaction • Very similar to a regular sales check • Add customer account number and authorization code**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to complete a charge sales transaction(Continued) • First check the expiration date • Authorize account • Compare signature on receipt w/ signature on card’s back • Is everything legible? • Return the card to customer**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to complete a check transaction • More difficult • Just like cash, but fraudulent checks are more plentiful “I can’t be overdrawn, I’ve still got checks in my checkbook.”**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to complete a check transaction(Continued) • Your job is to prevent • Checks are called “sales drafts.” Drafts are orders to pay. In this case, you’re ordering your bank to pay.**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to complete a check transaction(Continued) • Checks are “negotiable instruments” meaning that they are transferable. • To transfer a check, it must be endorsed • There are special endorsements • “For Deposit Only” • “Pay to the Order”**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to complete a check transaction(Continued) • Do not accept “Two-Party” checks • Check for the correct information on the check • Compare signature on check w/ what is on their picture ID.**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to complete a check transaction(Continued) • Remember, if they can check your merchandise, you can check their checks.**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction • Why do stores hate to do return transactions?**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction • Why do stores hate to do return transactions? Because money is leaving the store instead of coming in!!!**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction (Continued) • Do store have to do returns? • Why do stores do returns?**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction (Continued) • Do store have to do returns? No • Why do stores do returns? Trust & loyalty**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction (Continued) • What other options are available to a salesperson?**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction (Continued) • What other options are available to a salesperson? • Exchange • Credit to their account • Gift certificate**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction (Continued) • Types of exchanges: • Even Exchange • Uneven Exchange**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction (Continued) • Return Polices: • Wrapping? • Length of time? • Damage? • Receipt? • Sale item? See examples next**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction (Continued) • Return Polices: • Dress shirt is unwrapped? • Kept for one month? • Bottom of shoes scuffed? • It was a gift, no receipt? • 50% off sale, but . . . ? Role Play**Marketing Mathematics**• Be able to Complete a Standard Sales Check to 100% accuracy • Be able to conduct a customer return transaction (Continued) • What business forms must be changed: • Inventory • Cash register balance • Commissions • Income statements**Marketing Mathematics**• Be able to operate a computerized cash register • Cash register purposes: • Calculate accurately • Provide customer receipt • Provide records for store • Display work to customer • Speed purchase • Cash security • Inventory records • Merchandise ordering**Marketing Mathematics**• Be able to operate a computerized cash register • Common cash register keys: • Operator’s key • Locks • Initiate reads “X” read “Z” read • Indicates function**Marketing Mathematics**• Be able to operate a computerized cash register • Common cash register keys: • Keyboard: • Receipt • Receipt feed • Journal feed • Date/No. • Numeric keys • Dept. keys**Marketing Mathematics**• Be able to operate a computerized cash register • Common cash register keys: • Keyboard: • #/NS • TX/M • “X” • Item Corr. • “C” • “Retn MDSE” • “R/A” Continued**Marketing Mathematics**• Be able to operate a computerized cash register • Common cash register keys: • Keyboard: • #/NS No Sale • TX/M Tax Mod. • “X” Extension • Item Corr. Corrections • “C” Clear • “Retn MDSE” Returns • “R/A” Account Returns Continued**Marketing Mathematics**• Be able to operate a computerized cash register • Types of Cash Registers: • Keyboard: • “PO” • “Vali Date” • “Chg.” • “ST” • “Doll Disc” • “AT/TL” Continued**Marketing Mathematics**• Be able to operate a computerized cash register • Types of Cash Registers: • Keyboard: • “PO” Paid Out • “Vali Date” Validate • “Chg.” Charge sale • “ST” Subtotal • “Doll Disc” Discount • “AT/TL” Amt Tendered Continued**Marketing Mathematics**• Be able to operate a computerized cash register • Common cash register types: • Manual Key Entry • Numeric keys • Function keys • Optical Scanning • Uses wand to “read” • UPC (Universal Product Codes)**Marketing Mathematics**• Be able to operate a computerized cash register • Be able to verify a “Change Fund”: • A change fund is the amount of $$$ an operator starts the day with • Amounts vary between $100 and $150 depending on customer habits & sales volume • The make-up depends on the prices charged by the store