VOCAB

Question 1

Selling

Answer 1

When a buyer exchanges cash for a sellers good or service, or the activity of trying to bring this about

Question 2

Warranty

Answer 2

A promise that is given to a customer that a product will meet certain standards

Question 3

Competition oriented pricing

Answer 3

A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand

Question 4

Personal selling

Answer 4

Any form of direct contact between a salesperson and customer to fulfill their wants and needs

Question 5

Closing the sale

Answer 5

Occurs when a salesperson gains an agreement to purchase from a consumer

Question 6

Product service management

Answer 6

The process of creating and changing the information about a company’s catalog of offerings

Question 7

Sales promotion

Answer 7

All marketing activities other than advertising, public relations, and personal selling that are directed at a customer in order to increase sales

Question 8

Objections

Answer 8

A concern or doubt that a consumer has for not making a purchase

Question 9

Advertising

Answer 9

A form of paid, non personal promotion in which a company promotes an idea, good or service through a variety of media

Question 10

Primary research

Answer 10

Gathering data for the first time for a specific product service and/or business

Question 11

Greeting approach

Answer 11

When a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions

Question 12

Headline

Answer 12

A phrase in an advertisement that grabs the consumers attention, creates interest and encourages them to read a promotional message

Question 13

Service close

Answer 13

When a salesperson encourages a consumer to purchase with information regarding services available

Question 14

Marketing

Answer 14

The process of creating, communicating, delivering, and exchanging offerings that have value for customers to generate profits for a business

Question 15

Open-ended questions

Answer 15

A question that encourages the consumer to respond with more than a yes or no answer

Question 16

Data collection instrument

Answer 16

To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications

Question 17

Product mix

Answer 17

All of the different products and/or services a company makes or sells

Question 18

Marketing plan

Answer 18

A formal document that specifies a companies activities for a determined amount of time

Question 19

Promotion

Answer 19

Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform and persuade potential and current customers

Question 20

Secondary research

Answer 20

Data that has been previously collected for nonmarketing activity and is available for a business’s use

Question 21

Guarantee

Answer 21

A promise that a product has a certain quality or will provide satisfaction

Question 22

Public relations

Answer 22

Promotional activities that are designed to create a good image with the public

Question 23

Mark up pricing

Answer 23

The practice of adding a constant percentage to the price of an item to determine it’s selling price

Question 24

Slogan

Answer 24

A Cathy please or words that identify a product or business

Question 25

Selling policy

Answer 25

Decisions of a business regarding forms of payment, returns and exchanges, sales quotas, sales commission, and legal ethical issues

Question 26

Promotional plan

Answer 26

An outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service

Question 27

Marketing information management

Answer 27

The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business

Question 28

Feature benefit selling

Answer 28

Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable

Question 29

Promotional mix

Answer 29

The combination of advertising, personal selling, sales promotion and public relations used to accomplish an overall marketing strategy

Question 30

Marketing research

Answer 30

The process of gathering information, conducting analysis and presenting findings for a product or service to make marketing decisions

Question 31

ROMI (return on marketing investment)

Answer 31

A financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers

Question 32

Product life cycle

Answer 32

The stages that a product goes through in its life: introduction, growth, maturity, and decline

Question 33

Pricing

Answer 33

The value placed on a good or service

Question 34

Target marketing

Answer 34

The process of communicating with a particular group who is most likely to become customers. A target market is usually defined by demographic, geographic, and psychographic characteristics

Question 35

Direct marketing channels

Answer 35

Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience

Question 36

Distribution

Answer 36

The function of moving and selling goods from producer to consumer

Question 37

Cost-plus pricing

Answer 37

This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business

Question 38

Product knowledge

Answer 38

Information about a good or service that can include its application, function, features, and use

Question 39

Statistics

Answer 39

Numbers that represent a fact or presents a view of a situation

Question 40

Demand oriented pricing

Answer 40

A pricing method in which the price of a product is changed and according to its demand; a product will have a higher price when the demand is strong and a lower price when it is weak

Question 41

Situation analysis

Answer 41

The study of internal and external factors that affect marketing strategy

Question 42

Market identification

Answer 42

The process of a marketer in identifying the most profitable areas to offer a new product or service

Question 43

Channel management

Answer 43

A process that involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user

Question 44

Illustration

Answer 44

A photograph, drawing or other graphic that is used in a promotional message

Question 45

Customer service

Answer 45

The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made