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SEM Unit 2 Vocab
Term | Definition |
---|---|
Bait-and-Switch Advertising | Advertising one product 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. |
Economic Flow | the movement of resources from resource owners to and from producers to consumers. |
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 |
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. |
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 |
Resale | the sale of an article, goods or merchandise which one has bought with an intention to sell it to another person |
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 |
False Statements of “Fact" | Advertising that appears to be based on facts which are, in fact, scientifically untrue, is deceptive |
Entrepreneurs | people who assume the risks of starting and operating businesses |
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 |
Buying Motives | emotional or rational reasons a customer decides to make a purchase |
Indirect Distribution | intermediary/middlemen (wholesaler, retailer) involved in channels of distribution |
Intangible | not capable of being detected though the senses |
Manufacturer | a type of producer that changes the shapes or forms of materials so that they will be useful to consumers |