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Marketing Mathematics

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

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Marketing Mathematics

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  1. Marketing Mathematics “A Basic Skill Needed in Life and in Any Business”

  2. Marketing Mathematics What Kind of Mathematics Do We Use in Business???

  3. Marketing Mathematics • Addition • Subtraction • Multiplication • Division • Fractions • Percentages

  4. Marketing Mathematics • Addition • Subtraction • Multiplication • Division • Fractions • Percentages • It’s Not Calculus!!

  5. Marketing Mathematics • Addition • Subtraction • Multiplication • Division • Fractions • Percentages

  6. Marketing Mathematics How Do We Use Mathematics in Business???

  7. Marketing Mathematics Identify situations in which the ability to add & subtract are required: Discussion

  8. 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

  9. Marketing Mathematics Identify situations in which the ability to multiply & divide are required: Discussion

  10. Marketing Mathematics Identify situations in which the ability to multiply & divide are required: • Bulk pricing • Average sales • Extensions • Ad time purchases • Payment plans

  11. Marketing Mathematics Identify situations in which the ability to calculate percents & fractions are required: Discussion

  12. Marketing Mathematics Identify situations in which the ability to calculate percents & fractions are required: • Time cards • Discounts • Markup • Sales tax calculations

  13. Marketing Mathematics Be Able to Complete a Standard “Sales Check” to 100% Accuracy

  14. 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

  15. 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

  16. 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???

  17. 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

  18. 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

  19. 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

  20. 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!!!

  21. 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

  22. Marketing Mathematics • Be able to Complete a Standard Sales Check to 100% accuracy • The Cash Drawer:

  23. 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

  24. 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

  25. 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

  26. 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.”

  27. 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.

  28. 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”

  29. 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.

  30. 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.

  31. 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?

  32. 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!!!

  33. 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?

  34. 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

  35. 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?

  36. 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

  37. 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

  38. 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

  39. 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

  40. 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

  41. Marketing Mathematics

  42. 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

  43. 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

  44. 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

  45. 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

  46. 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

  47. 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

  48. 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

  49. 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)

  50. 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

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