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SEM unit2 vocab
Term | Definition |
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Bait-and-Switch Advertising: | Advertising one productat 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. |
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. |
False Statements of “Fact”: | Advertising that appears to be based on facts which are, in fact, scientifically untrue, is deceptive. |
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. |
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 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? |
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. |
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. |