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SEMI - Obj 4 Terms Review

AB
SellingExchange of goods and services from producers to consumers for a price.
Data-based marketingInvolves the collection of information about past, current, and potential consumers.
Personal sellingTwo-way communication between a representative of the company and the customer.
Business-to-Business SellingTakes place in a manufacturer’s or wholesaler’s showroom (inside sales) or a customer’s place of business (outside sales).
Direct MailPersonal and received in the mailbox. Direct mail is used to initiate the sales process.
Internet SellingSelling executed using the Internet.
CustomerThe person who buys the product or service.
ConsumerThe person who uses the product or service.
NeedAnything necessary or required to live.
WantAn unfulfilled desire.
FeaturesThe basic, physical, and extended characteristics of an item.
Feature-Benefit SellingMatching the characteristics of a product to a customer’s needs and wants.
Customer BenefitsThe advantages or personal satisfaction a customer will get from a good or service
Buying MotivesThe motives for customers to purchase a product.
Rational MotivesBased on conscious, logical thinking and decision making.
Emotional MotivesBased on feelings.
Partonage MotivesBased on loyalty.
Extensive decision makingOccurs when there is a high level of perceived risk, a product or service is very expensive or has a high value to the customer.
Limited decision makingOccurs when a customer buys products that he or she has purchased before but not regularly.
Routine decision makingOccurs when little information is needed about the product being purchased.
ApproachThe first encounter with a customer.
ObjectionA reason, concern, or hesitation a customer has for not making a purchase.
Boomerang MethodThe objection comes back to the customer as a selling point.
Quation MethodThe customer is questioned in an attempt to learn more about the objections raised.
Superior PointThe salesperson acknowledges the objections as valid, but offsets them with other features and benefits.
DenialDenial. Provide proof and accurate information when answering objections.
DemonstrationAnswers objection by showing one or more features.
Third PartyUses a previous customer or another neutral person who can give a testimonial about the product.
Relationship MarketingInvolves the strategies businesses use to stay close to their customers.
Benefit SellingInvolves informing customers of new benefits about a sports or entertainment product.
After-Sale ActivitiesUsed to develop and nurture customer relationships and loyalty in developing on-going dialog with customers in preparation for future sales.
DiscountsA reduction in the selling price offered by manufacturers and distributors to their customers to encourage prompt payment and stimulate purchasing.
ProfitAmount left from revenue (sales) after the costs of merchandise and expenses have been paid.
MarkupDifference between retail price and cost.
Gross ProfitA business’s income minus the cost of goods sold.
IncomeTotal of all sales for the time period minus any sales returns and allowances.
Cost of Goods SoldThe actual amount paid to the vendors for the merchandise.


Business Teacher
Southern High
NC

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