| A | B |
|---|
| Selling | Exchange of goods and services from producers to consumers for a price. |
| Data-based marketing | Involves the collection of information about past, current, and potential consumers. |
| Personal selling | Two-way communication between a representative of the company and the customer. |
| Business-to-Business Selling | Takes place in a manufacturer’s or wholesaler’s showroom (inside sales) or a customer’s place of business (outside sales). |
| Direct Mail | Personal and received in the mailbox. Direct mail is used to initiate the sales process. |
| Internet Selling | Selling executed using the Internet. |
| Customer | The person who buys the product or service. |
| Consumer | The person who uses the product or service. |
| Need | Anything necessary or required to live. |
| Want | An unfulfilled desire. |
| Features | The basic, physical, and extended characteristics of an item. |
| Feature-Benefit Selling | Matching the characteristics of a product to a customer’s needs and wants. |
| Customer Benefits | The advantages or personal satisfaction a customer will get from a good or service |
| Buying Motives | The motives for customers to purchase a product. |
| Rational Motives | Based on conscious, logical thinking and decision making. |
| Emotional Motives | Based on feelings. |
| Partonage Motives | Based on loyalty. |
| Extensive decision making | Occurs 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 making | Occurs when a customer buys products that he or she has purchased before but not regularly. |
| Routine decision making | Occurs when little information is needed about the product being purchased. |
| Approach | The first encounter with a customer. |
| Objection | A reason, concern, or hesitation a customer has for not making a purchase. |
| Boomerang Method | The objection comes back to the customer as a selling point. |
| Quation Method | The customer is questioned in an attempt to learn more about the objections raised. |
| Superior Point | The salesperson acknowledges the objections as valid, but offsets them with other features and benefits. |
| Denial | Denial. Provide proof and accurate information when answering objections. |
| Demonstration | Answers objection by showing one or more features. |
| Third Party | Uses a previous customer or another neutral person who can give a testimonial about the product. |
| Relationship Marketing | Involves the strategies businesses use to stay close to their customers. |
| Benefit Selling | Involves informing customers of new benefits about a sports or entertainment product. |
| After-Sale Activities | Used to develop and nurture customer relationships and loyalty in developing on-going dialog with customers in preparation for future sales. |
| Discounts | A reduction in the selling price offered by manufacturers and distributors to their customers to encourage prompt payment and stimulate purchasing. |
| Profit | Amount left from revenue (sales) after the costs of merchandise and expenses have been paid. |
| Markup | Difference between retail price and cost. |
| Gross Profit | A business’s income minus the cost of goods sold. |
| Income | Total of all sales for the time period minus any sales returns and allowances. |
| Cost of Goods Sold | The actual amount paid to the vendors for the merchandise. |
