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2.01
4th Stack
| Term | Definition |
|---|---|
| Benefit | An advantage consumers receive from using a product. |
| 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 | The basic principles that govern your behavior. |
| Feature | A fact or characteristic of the product. |
| Goods | Tangible objects that can be manufactured or produced for resale. |
| Intangible | Not capable of being detected through senses. |
| Intermediaries | Channel members operating between the producer and the consumer or industrial user to help in the movement of goods or services. |
| Manufacturer | A type of producer that changes the shapes or forms of materials so that they will be useful to consumers. |
| Need | Something required or essential that is lacking. |
| Product knowledge | Information about a specific good or service that can be used in sales presentations. |
| Products | Goods and services. |
| Resale | The process of selling again. |
| Retailer | A business that buys consumer goods or services and sells them to the ultimate consumer. |
| Sales presentation | The sales procedure in which the salesperson shows the customer the benefits of the product's features; includes the sales dialogue and product demonstration. |
| Selling | A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and ensures satisfaction. |
| Selling skills | The ability to determine the 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. |
| Services | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants. |
| Tangible | Capable of being touched, smelled, tasted, seen, or heard. |
| Ultimate consumption | The process or activity of using goods and services for personal use. |
| Utility | Usefulness; capable of satisfying wants and needs. |
| Want | A desire for something that may or may not be required. |
| Wholesaler | An intermediary who helps move goods between producers and retailers by buying goods from producers and selling them to retailers. |
| Advertising | Any paid form of non-personal presentation of ideas, images, goods, or services. |
| Credit | The arrangement by which businesses or individuals can purchase now and pay later. |
| Customer feedback | Evaluative or corrective information given by the customer to the salesperson. |
| Customer loyalty | The customer's preference for a business; usually expressed in regular purchases from the business. |
| Customer satisfaction | A measure of how well a business has met its customers' expectations. |
| Customer service | Activities and benefits provided by a business to its customers to create goodwill and customer satisfaction. |
| Customers | The people who buy goods and services. |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid. |
| Prospect | Any person or business with the potential to purchase a good, service, or idea; qualified lead. |
| Repeat business | Customers who continue to buy from a company, salesperson, etc. |
| Reputation | A person's or business' good game; quality of character. |
| Sales | A career that involves responding to consumer needs and wants through planned, personalized communications intended to influence purchase decisions and ensure satisfaction. |
| Sales close | The point in a sales presentation at which the customer makes a favorable buying decision. |
| Sales presentation | The sales procedure in which the salesperson shows the customer the benefits of the product's features; includes the sales dialogue and product demonstration. |
| Salesperson | An individual employed to advance and/or facilitate the exchange of a good or service. |
| Suggestion selling | A sales technique in which the salesperson attempts to increase the customer's purchase by recommending additional items after the original decision to buy has been made. |
| Warranty | A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected. |
Created by:
ZLittle97
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