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SEM Unit 2.01 Vocab
| Term | Definition |
|---|---|
| Bait-and-Switch Advertising | Advertising one product (the "bait") at a very attractive price, then informing the customer that the advertised product is either unavailable or of poor quality, convincing the customer to purchase a different, more expensive product. |
| Benefit | an advantage consumers receive from using a product. |
| Buying Motives | emotional or rational reasons a customer decides to make a purchase |
| Deceptive Advertising | Advertising that misleads consumers, either by making unjustified claims regarding a product's composition, qualities, sponsorship, or performance or by omitting a material fact concerning the product's composition, qualities, sponsorship, or performance |
| Direct Distribution | channel of distribution is straight from manufacturer to consumer. |
| Economic Flow | the movement of resources from resource owners to producers and from producers to consumers. |
| Economy | the system in which people make and spend their incomes. |
| Entrepreneurs | people who assume the risks of starting and operating businesses. |
| Ethics | basic principles that govern your behavior. |
| False Statements of “Fact" | Advertising that appears to be based on facts which are, in fact, scientifically untrue, is deceptive. |
| Feature | a fact or characteristic of the product. |
| Goods | tangible objects that can be manufactured or produced for resale. |
| Indirect Distribution | intermediary/middlemen (wholesaler, retailer) involved in channels of distribution |
| Intangible | not capable of being detected though the senses. |
| Intermediaries | business firms operating between manufacturer & the customer/buyer that aides in the movement of product (middlemen); o performs Marketing functions better than manufacturer is capable of. |
| Manufacturer | a type of producer that changes the shapes or forms of materials so that they will be useful to consumers. |
| Need | something required or essential that is lacking. |
| Product Knowledge | information about a specific good or service that can be used in sales presentations. |
| Products | goods and services. |
| Resale | the sale of an article, goods or merchandise which one has bought with an intention to sell it to another person. |
| Retailer | a business that buys consumer goods or services from wholsaers or directly from manufacturers and resells them to the ultimate consumer. |
| Sales Presentation | the sales procedure in which the sales person shows the customer the benefits of the product’s features; includes the sales dialogue and product demonstration |
| Selling | helping customers make wise buying decisions; planned, personalized communication designed to influence purchase decisions that ensure customer satisfaction. |
| Selling Policies | guidelines for selling. How will products be sold? |
| Selling Skills | ability to determine customers’ needs, wants, and buying motives; to open and close sales; to question customers; to handle customer objections; suggest additional or substitute items; demonstrate products; and follow up sales. |
| Selling-Activity Policies | guidelines for sales people. What is required of the sales employees? What laws apply? |
| Service Policies | are guidelines for servicing customers. |
| Services | intangible activities that are performed by other people for money; productive acts that satisfy economic wants. |
| Tangible | capable of being touched, smelled, tasted, seen or heard. |
| Terms-of-Sale Policies | determining conditions that apply to each type of sale? (Think airline tickets, e-Bay, close-outs) |
| Ultimate Consumption | process or activity of using goods and services for personal use. |
| Utility | usefulness; capable of satisfying wants and needs. |
| Want | a desire for something that may or may not be required. |
| Wholesaler | buys from the manufacturer and sells products to buyers who are purchasing them for reasons other than personal or family use (business use, resale, production);sell to other businesses, not directly to consumers. |
Created by:
ashleyerica
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