Chapter 10 Key Terms & Definitions

Question 1

Advertising

Answer 1

A paid, controlled message through a non-personal medium. Types of advertising include publicity, public relations, product placement, sponsorship, and sales promotion

Question 2

Audio business card

Answer 2

A smaller version of a CD that allows the user to create their own audio business card

Question 3

Bait and switch

Answer 3

Providing a consumer with an attractive offer to obtain him or her as a client but being unable to provide the product or service at the indicated price

Question 4

Business card

Answer 4

A marketing tool that provides contact information, a logo, and other relevant information about the company, products and/or services of the company and/or the individual

Question 5

Call script

Answer 5

A written document that outlines or scripts a telephone conversation, allowing the user to remain focused on the purpose and objectives of the call

Question 6

Classified advertisement

Answer 6

A print advertisement placed in the Classified section of a newspaper

Question 7

Cold call

Answer 7

A call made to a cold or potentially unfriendly new client or referral source who does not know the caller

Question 8

Database marketing

Answer 8

Database Marketing is the function of warehousing potential and existing client information in an electronic medium that allows the user to assemble and list these clients in groups that can be marketed to

Question 9

Flyer

Answer 9

A stand-alone marketing piece, usually on an 8.5 x 11 inch paper

Question 10

Marketing

Answer 10

Presenting products or services to potential customers in a fashion that positively promotes the product or service and makes customers eager to buy or use the product or service

Question 11

Mission statement

Answer 11

A mission statement is a plan for companies and people to accomplish the goals they set. It is designed to shape the company or individual’s identity and is typically based on a vision, goal, or ethics

Question 12

Mortgage agent

Answer 12

An individual who is remunerated for trading in mortgages or dealing in mortgages in Ontario, as an employee or otherwise. Mortgage agents are restricted in their abilities by MBLAA and its Regulations and must be supervised by a licensed mortgage agent. Mortgage agents must be licensed.

Question 13

Networking

Answer 13

Build or expanding one’s social network or sphere of influence by initiating mutually advantageous new relationships with people

Question 14

Niche marketing

Answer 14

Marketing to a specific audience or target demographic

Question 15

Referral

Answer 15

A client or customer who has been advised by a third party to use the product or service of another

Question 16

Post-purchase cognitive dissonance

Answer 16

Commonly referred to as buyer’s remorse, this refers to the emotional state a buyer is in after completing what is typically a large purchase and who is no longer in an emotionally charged state

Question 17

Pre-purchase research

Answer 17

The research done by a potential purchaser of a more expensive item. This may include online research as well as contacting past clients, calling service providers, etc.

Question 18

Testimonial

Answer 18

An endorsement in writing, verbally or electronically by a client

Question 19

Unaddressed admail

Answer 19

Bulk, unaddressed advertising that is delivered in bulk to a certain area by Canada Post

Question 20

Video business card

Answer 20

A visual presentation of a sales person on CD

Question 21

Vision statement

Answer 21

A vision statement is something that the business or mortgage agent aspires to become. It should illustrate the core belief of the business or mortgage agent and effectively communicate that to the reader

Question 22

Warm call

Answer 22

A call made to a warm or potentially friendly new client or referral source who may know the caller or may have been referred to the client by a third party