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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 |
| 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. |
| 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. |
| Resale | : the sale of an article, goods or merchandise which one has bought with an intention to sell it to another person |
| 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 |
| 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 |
Created by:
Hicks93
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