| A | B |
|---|
| product/service management | Obtaining, developing, or improving a product |
| pricing | Deciding how much to charge for goods and services |
| utility | The added value of a product in economic terms |
| selling | Providing customers with goods and services they want |
| marketing | Planning, promoting, and distributing products |
| goods | Tangible items |
| market share | Percentage of total sales generated by competing companies |
| distribution | Deciding how goods get into customers hands |
| industrial market | Businesses that buy products for use in their operations |
| marketing mix | Product, price, place, promotion |
| disposable income | money left after taking out taxes |
| Generation Y | product information gathered from Internet use |
| demographics | characteristics such as age, gender, ethnic background, income |
| market segmentation | separating large groups into smaller groups based on characteristics |
| marketing mix | a combination of four strategies used to market a product |
| geographics | information about where people live |
| environmental scan | analysis of outside influences on an organization |
| external opportunities | alert to changes in laws and regulations |
| executive summary | brief overview of entire marketing plan |
| implementation | putting a market plan into action and managing it |
| resources | all things used in producing goods and services |
| capital | money to start and operate a business |
| recovery | period of renewed economic growth |
| communism | all people are assigned certain jobs |
| GNP | includes goods and services produced |
| standard of living | measurement of the amount of goods and services people have |
| inflation | governments raise interest rates during this time |
| recession | economic slowdown lasting at least six months |
| command economy | the government makes economic decisions |
| specialization | each part of a finished product is completed by a person |
| protectionism | restrict imports in order to protect domestic industries |
| exports | goods and services sold to other countries |
| WTO | coalition of nations that makes rules governing international trade |
| quota | limits either the quantity or the monetary value of an imported product |
| licensing | use of a trademark, patent, company name for a fee |
| balance of trade | difference in value between exports and imports |
| embargo | total ban on specific goods coming into and leaving a country |
| imports | purchasing goods from a foreign country |
| foreign direct investment | establishment of a business in a foreign country |
| NAFTA | agreement comprised of US, Canada and Mexico |
| numerator | the top number in a fraction |
| percentage | a part, portion, or share of a whole--often used to determine tax amounts |
| pie chart | a method for showing how parts (such as costs) vary within a whole (such as company expenses) |
| denominator | the total number of parts in a whole |
| bar graph | a method for showing the relationship between different qualities or characteristics |
| whole numbers | numbers that can be written without fractions or decimals |
| digits | the symbols for numbers between zero and nine |
| commission | the percentage of the proceeds from a sale |
| fractions | numbers that describe a part of some standard amount |
| decimal numbers | fractions or mixed numbers whose denominators are multiples of 10 |
| feature-benefit selling | matching a product’s characteristics with a purchaser’s requirements |
| telemarketing | technique for selling over the phone |
| rational motive | a fact-based reason for making a purchase |
| personal selling | direct contact between salesperson and customer |
| feature-benefit chart | comparison of product characteristics and purchaser’s wants and needs |
| selling | helping customers make satisfying purchase decisions |
| customer benefit | advantages or satisfaction received from a good or a service |
| preapproach | a time in which one looks for customers and prepares for a sale |
| prospecting | looking for new customers |
| lead | names of potential customers gathered from one’s employer |
| observe | to watch or take notice |
| engaging the customer | building questions around who, when, and where |
| approach | face-to-face meeting with a customer |
| retail selling | selling to the final customers/users of the product |
| service approach | to ask if a customer needs assistance |
| merchandise approach method | the retail sales approach that focuses on the product |
| preapproach | in business to business sales, a salesperson setting up an appointment |
| nonverbal communication | expressing oneself without the use of words |
| open-ended questioning | a method for encouraging customers to converse |
| selling | matching customers needs and wants |
| denial | contradiction of a statement |
| paraphrase | to state the meaning of a statement |
| layman’s terms | language most people can understand |
| third party | a neutral person or previous customer |
| excuses | reasons for not buying or seeing a salesperson |
| jargon | language used with industrial buyers |
| objection analysis sheet | a list of reasons for not purchasing a product and possible responses to those reasons |
| substitution method | recommending a different product |
| objections | concerns, hesitations, doubts |
| testimonial | a positive statement about the quality of a product |
| standing room only close | can be used when the price of a product will soon increase |
| trial close | a first attempt to get a customer’s agreement to buy |
| departure | the period in which a salesperson should try to reinforce a customer’s buying decision |
| relationship marketing | techniques for nurturing customer relationships |
| perseverance | a personal characteristic that causes one to view a failure as a challenge, not a defeat |
| evaluate | to analyze what has occurred |
| service close | offering a customer a payment plan for a purchase |
| direct close | can be used when a customer has clearly indicated positive feelings about a purchase |
| special sale | a short time when merchandise is discounted |
| which close | encouraging a customer to view a purchase decision as a choice between two items |
| UVM code | a series of numbers on a price tag designed to be read by an electronic wand |
| allowance | given when there is a defect in the merchandise |
| invoice | itemized list of goods |
| optical scanner | device that reads bar codes |
| PIN | part of a system to safeguard a customer’s money (or bank account) |
| purchase order | a legal contract |
| dating terms | tells when a bill must be paid and what early payment discounts are available |
| UPC | a pattern of vertical bars and numbers |
| credit card sales | can increase sales by forty percent |
| till | a cash drawer |
| limited partnership | makes an individual liable for business debts only up to the amount of his or her investment |
| franchise | a legal agreement to operate a business in the name of an established company |
| self-evaluation | an assessment of one’s own skills, interests, and personal qualities |
| entrepreneur | a person who owns and operates a business |
| unlimited liability | extends an individual’s financial responsibility for a company’s debts beyond the amount of investment |
| stockholder | one of the owners of a corporation |
| risk | the chance of loss |
| sole proprietorship | a business that is owned and operated by one person |
| board | the governing body of a corporation |
| LLC | relatively new form of business organization |
| surety bond | Insures against losses caused by a failure to complete a job on time or as agreed |
| fidelity | loyalty, faithfulness, honesty |
| business risk | can lead to financial gain or failure |
| economic risk | change in general business conditions that could result in lost sales for a company |
| product obsolescence | occurs frequently in businesses that depend on fashions and trends |
| insurance policy | contract whose purpose is to cover certain business risks |
| point-of-sale system | The process of combining a cash register with a computer and making it possible to capture information about the transaction at the time of the sale. |
| beneficiary | person who receives money from a will or an insurance policy |
| natural risk | the possibility of loss resulting from unexpected weather conditions |
| prevention | stopping or keeping something from happening |
| capital | property and goods that can be converted into money to finance business operations |
| credit union | cooperative financial association formed by a group of employees |
| target market | someone who puts money into a business |
| self-analysis | a description of one’s training, strengths, and weaknesses |
| trading area | the geographic area from which a business’s customers come |
| buying behavior | describes how a consumer decides when and where to make purchases |
| inventory policy | a business's plan for managing goods it purchases or manufactures. |
| disposable income | money that was received by a consumer as wages, interest, or profits, and from which taxes have been subtracted |
| BPI | factors total population, income, retail to determine area sales potential |
| business plan | a descriptive proposal that is submitted to potential investors or lenders |
| one-time-cost | expenses that will not be repeated |
| personal net worth | the total value of one’s assets minus the total value of one’s debts |
| cash disbursements | operating expenses paid throughout the life of a business |
| gross sales | total of all sales for any period of time |
| net sales | the difference between the total of a business’s sales and the customers’ returns or allowances |
| personal costs | a business owner’s monthly living expenses and household cash needs |
| liability | a monetary debt |
| gross profit | the difference between net sales and the cost to a business of goods sold |
| current assets | accounts receivable, inventory, and cash in the bank |
| start-up costs | an estimate of the amount of money an owner will need for the first year of a business’s operation |
