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D099 - module 1
D099 - unit 2
| Term | Definition |
|---|---|
| relationship selling | A sales technique that focuses on the interaction between the buyer and the salesperson the price or details of the product |
| value creation | the performance of actions that increase the worth of goods, services, or even a business |
| sales forecast | the process of estimating future sales. |
| operational budget | a plan for expenditures required to maintain the functioning of a business venture or public organization. |
| profitability | the ability of a company to use its recourses to generate revenue in excess of its expenses |
| product-market fit | the degree to which a product satisfies a strong market demand |
| Corporate structure | an organization's different departments or business units within a company to |
| sustainable competitive advantage | Company assets, attributes, or abilities that are difficult to duplicate or exceed and provide a superior or favorable long-term position over competitors |
| competitive advantage | A condition or circumstance that puts a company in a favorable or superior business position. |
| functional structure | An organization structure that groups employees according to a specialized or similar set of roles or tasks |
| modular structure | Divides the business into small, tightly knit strategic business units (SBUs), which focus on specific elements of the organizational process |
| value chain | The process or activities by which a company adds value to a product, |
| customer relationship | Processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention |
| Business Intelligence | a technology-driven process for analyzing data and presenting useful information to help executives, managers, and other end users make informed business decisions. |
| Big Data Analytics | Large, complex data sets that require non-traditional data processing software to predict trends and forecasts |
| Ethics | a system that defines right and wrong and provides a guiding philosophy for every decision one makes. |
| organizational ethics | define how an organization ethically responds to an internal or external stimulus. |
| code of ethics | provides employees with the knowledge of what the company expects in terms of employees' responsibilities and behavior toward fellow employees, customers, and suppliers. |
| Uniform Commercial Code (UCC) | establishes the rules that apply to commercial transactions between businesses and between individuals and businesses. |
| American Marketing Association (AMA) | developed professional and ethical standards as guidelines for its members to follow in an attempt to help guide marketing practices. |
| "right" principle | the right promotion techniques and the appropriate people to provide the customer service associated with those goods, services, or ideas |
| output | The act of producing something, the amount of something produced, or the process in which something is delivered |
| input | The resources invested in accomplishing a task, and typically include time, money, and effort |
| promotion | an attempt by marketers to inform, persuade, or remind consumers and B2B (business-to-business) users to influence their opinion or elicit a response. |
| promotional mix | the combination of traditional advertising, personal selling, sales promotion, public relations, social media, and digital advertising to promote a product. |
| integrated marketing communications (IMC) | involves carefully coordinating all promotional activities to produce a consistent, unified message that is customer focused. |
| customer(buyer)journey | a process that customers follow when preparing to purchase a product or service. |
| transactional selling | short-term, often single, transactions with no customer relationships |
| relationship selling | focused on long-term relationship building to keep customers satisfied and consequently convince them to return and make multiple purchases. |
| adaptive selling | customizing the sales encounter to the need of the customer to improve customer experience and satisfaction. |
| prospecting | identifying potential customers |
| law of psychological reciprocity | when someone does something nice for you, you are compelled to do something nice for them |
| analytical | needs a lot of time to make a decision. Salesperson should give as much info as possible |
| driver | wants to get to the point. Salesperson should be straightforward and list benefits |
| expressive | very talkative, the salesperson will need to steer the conversation |
| amiable | very friendly and talkative. the salesperson will have to be patient and work long-term. |
| customer loyalty | Having a positive attitude toward a product or brand, which induces supportive behavior from the customer. |
| Attention | when the customer attention is drawn to product |
| interest | when the customer seeks out a product |
| Desire | When a customer is willing to take action |
| Action | when the customer purchases a product or solution |
Created by:
lissmisstree
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