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SEM Unit 2 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. |
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 |
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. |
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. |
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. |
Product Knowledge: | information about a specific good or service that can be used in sales presentations. |
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: | are guidelines for servicing customers. |
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. |
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. |