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