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SEM Unit 2 Vocab

TermDefinition
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.
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
5Direct Distribution 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
Indirect Distribution intermediary/middlemen (wholesaler, retailer) involved in channels of distribution
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.
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 Policies guidelines for selling. How will products be sold? 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 it ems; 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
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
3Wholesaler 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.
Direct Distribution channel of distribution is straight from manufacturer to consumer
Created by: ahernandezkg21
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