Term
| 1. Benefit: An advantage consumers receive from using a product |
|
Definition
|
|
Term
| 2. Economic flow: The movement of resources from resource owners to producers and from producers to consumers |
|
Definition
|
|
Term
| 3. Economy: The system in which people make and spend their incomes |
|
Definition
|
|
Term
| 4. Entrepreneurs: People who assume the risks of starting and operating businesses |
|
Definition
|
|
Term
| 5. Ethics: The basic principles that govern your behavior |
|
Definition
|
|
Term
| 6. Feature: A fact or characteristic of the product |
|
Definition
|
|
Term
| 7. Goods: Tangible objects that can be manufactured or produced for resale |
|
Definition
|
|
Term
| 8. Intangible: Not capable of being detected through the senses |
|
Definition
|
|
Term
| 9. Intermediaries: Channel members operating between the producer and the consumer or industrial user to help in the movement of goods and services |
|
Definition
|
|
Term
| 10. Manufacturer: A type of producer that changes the shapes or forms of materials so that they will be useful to consumers |
|
Definition
|
|
Term
| 11. Need: Something required or essential that is lacking |
|
Definition
|
|
Term
| 12. Product knowledge: Information about a specific good or service that can be used in sales presentations |
|
Definition
|
|
Term
| 13. Products: Goods and services |
|
Definition
|
|
Term
| 14. Resale: The process of selling again |
|
Definition
|
|
Term
| 15. Retailer: A business that buys consumer goods or services and sells them to the ultimate consumer |
|
Definition
|
|
Term
| 16. 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 |
|
Definition
|
|
Term
| 17. Selling: A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and ensures satisfaction |
|
Definition
|
|
Term
| 18. Selling skills: The 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 |
|
Definition
|
|
Term
| 19. Services: Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
|
Definition
|
|
Term
| 20. Tangible: Capable of being touched, smelled, tasted, seen, or heard |
|
Definition
|
|
Term
| 21. Ultimate consumption: The process or activity of using goods and services for personal use |
|
Definition
|
|
Term
| 22. Utility: Usefulness; capable of satisfying wants and needs |
|
Definition
|
|
Term
| 23. Want: A desire for something that may or may not be required |
|
Definition
|
|
Term
| 24. Wholesaler: An intermediary who helps move goods between producers and retailers by buying goods from producers and selling them to retailers |
|
Definition
|
|
