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Final Term Review
Term Review for Test
63
Marketing
11th Grade
12/10/2008

Additional Marketing Flashcards

 


 

Cards

Term
PERSONAL SELLING
Definition
Any form of direct contact occurring between a salesperson and a customer
Term
FEATURE BENEFIT SELLING
Definition
Matching the characteristics of a product to a customer's needs and wants
Term
RATIONAL MOTIVE
Definition
A conscious, logical reason for a purchase
Term
ROUTINE DECISION MAKING
Definition
Used when a person needs little information about a product that he or she is buying. High degree of prior experience with the product.
Term
PREAPPROACH
Definition
Getting ready for the face-to-face encounter in a selling situation
Term
PROSPECT
Definition
Lead or a potential customer
Term
COLD CANVASSING
Definition
Salesperson tries to locate as many potential customers as possible without checking out leads beforehand.
Term
SERVICE APPROACH
Definition
The salesperson asks the customer if he or she needs assistance.
Term
GREETING APPROACH
Definition
The salesperson simply welcomes the customer to the store
Term
MERCHANDISE APPROACH
Definition
Salesperson makes a comment or asks questions about a product in which the customer shows interest.
Term
BOOMERANG
Definition
Brings the objection back to the customer as a selling point
Term
DEMONSTRATION
Definition
"Seeing is believing". Can be quite convincing and should be used when appropriate.
Term
TRIAL CLOSE
Definition
Initial effort to close a sale.
Term
STANDING ROOM ONLY CLOSE
Definition
Used when a product is in short supply or when the price will be going up in the near future.
Term
DIRECT CLOSE
Definition
Method in which you ask for the sale.
Term
SERVICE CLOSE
Definition
Explains services that overcome obstacles or problems.
Term
SUGGESTION SELLING
Definition
Selling additional goods or services to the customer.
Term
EMOTIONAL MOTIVE
Definition
Feeling experienced by a customer through association with a product.
Term
PARAPHRASE
Definition
Restate the objections in a different way
Term
BUYING SIGNALS
Definition
Things customers do or say to indicate a readiness to buy.
Term
MARKETING
Definition
Process of developing, promoting, and distributing products to satisfy customers' needs and wants.
Term
GOOD
Definition
Kinds of things you can touch or hold in your hand.
Term
SERVICE
Definition
Kinds of things you can't physically touch.
Term
FORM UTILITY
Definition
Changing raw materials or putting parts together to make them more useful.
Term
PLACE UTILITY
Definition
Having a product where customers can buy it.
Term
TIME UTILITY
Definition
Having a product available at a certain time of year or a convenient time of day.
Term
POSSESSION UTILITY
Definition
Exchange of a product for some monetary value.
Term
INFORMATION UTILITY
Definition
Involves communication with the consumer.
Term
CONSUMER
Definition
Those people who actually use the product.
Term
CUSTOMER
Definition
Buy the product
Term
MARKETING CONCEPT
Definition
States that businesses must satisfy customers' needs and wants in order to make a profit.
Term
MARKETING MIX
Definition
Product, place, price, and promotion.
Term
DEMOGRAPHICS
Definition
Statistics that describe a population in terms of personal characteristics, like; education, age, gender, income and ethnicity.
Term
GENERATION X
Definition
1965-1976
Term
DISPOSABLE INCOME
Definition
Left after taking out taxes.
Term
DISCRETIONARY INCOME
Definition
Left after paying for basic living necessities such as food, shelter, and clothing.
Term
PSYCHOGRAPHICS
Definition
Studies of consumers based on social and psychological characteristics, like; attitudes, income, hobbies, etc.
Term
GEOGRAPHICS
Definition
Segmentation of the market based on where people live.
Term
FREE ENTERPRISE SYSTEM
Definition
Freedom to operate own business without government involvement.
Term
PRICE COMPETITION
Definition
Focuses on the sale price.
Term
MONOPOLY
Definition
Exclusive control over a product or the means of producing it.
Term
FOOD AND DRUG ADMINISTRATION (FDA)
Definition
Bans the sale of impure, improperly labeled, falsely guaranteed, and unhealthful foods.
Term
EQUAL EMPLOYMENT OPPORTUNITY COMMISSION(EEOC)
Definition
Bans discrimination against employees based on age, race, color, national origin, religion, or gender.
Term
OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION (OSHA)
Definition
Workplace safety and health
Term
CONSUMER PRODUCT SAFETY COMMISSION (CPSC)
Definition
Rules on products that are unsafe.
Term
SHERMAN ANTITRUST ACT
Definition
Prohibits monopolies
Term
CLAYTON ACT
Definition
Prohibits price discrimination.
Term
DEMAND
Definition
Refers to consumer willingness and ability to buy products.
Term
SUPPLY
Definition
Amount of goods producers are willing to make and sell.
Term
SURPLUSES
Definition
Goods occur when supply exceeds demand.
Term
EQUILIBRIUM
Definition
When supply and demand are balanced.
Term
SCARCITY
Definition
Difference between wants and needs and available resources.
Term
JARGON
Definition
Technical or specialized vocabulary used by members of a particular profession or industry.
Term
OPEN ENDED QUESTION
Definition
Yes or No
Term
PUBLICITY
Definition
Free. Involves placing positive and newsworthy information about a business.
Term
PREMIUMS
Definition
Low-cost items given to consumers at a discount for free.
Term
INCENTIVES
Definition
Higher-priced products earned and given through contests, sweepstakes, and rebates.
Term
INTERMEDIARIES
Definition
All the businesses involved in sales transactions that move products from the manufacturer to the final user.
Term
PRODUCT WIDTH
Definition
Number of different product lines a business manufactures.
Term
PRODUCT DEPTH
Definition
Refers to the number of products items offered within each product line.
Term
BRAND
Definition
Name, term, design or symbol that identifies a business or organization.
Term
BRAND MARK
Definition
Symbol or design of the business.
Term
MARKET SEGMENTATION
Definition
A way of analyzing a market by specific characteristics in order to create a target market.
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