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Marketing 2.01

TermDefinition
Benefit advantage consumers receive from using the product
Economic flow movement of resources from resource owners-producers-consumers
Economy the system in which people make and spend their incomes
Entrepreneurs people that assume risks of starting and operating a business
Ethics principles that govern behavior
Feature fact or characteristic of the product
Intermeadiares Channel members operating between the producer and the consumer or industrial user to help in the movement of goods and services
Manufacturer type of producer that changes the shape or forms of materials so they will be useful to customers
Product knowledge what you know about the product
Resale process of selling again
Retailer business that buys consumer goods or services and sells them to the ultimate consumer
Sales presentation the salesperson shows the customer the product
Selling determine what customers need
selling skills how well you determine customer needs
ultimate consumption the process or activity of using goods
the process or activity of using usefulness
wholesaler an intermideary
advertising paid form of presentation of ideas goods or services
credit purchase now and pay later
customer feedback info given by the customer about performance
customer loyalty only use that product
customer satisfaction how happy a customer is
customer service benefits that increase customer satisfaction
profit money you make after expenses
prospect potential customer
repeat business loyal customers
reputation company image
sales close point in a presentation when customer buys
suggestion selling recommend other items to purchase
warranty promise made by the seller to repair or replace the good (has limits)
Created by: tiffany.page18
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