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SEM Unit 2 Vocab
Sports and Entertainment Marketing 1 Unit 2 Vocabulary
| 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 |
| 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 |
| 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 |
| Feature | a fact or characteristic of the product |
| Goods | tangible objects that can be manufactured or produced for resale |
| 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 |
| Manufacturer | a type of producer that changes the shapes or forms of materials so that they will be useful to consumers |
| 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 | 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. |
Created by:
SWKelly17
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