Sales Terms and Definitions: Direct Sales, Missionary Sales, Team Selling, and More, Quizzes of Principles of Marketing

Download Sales Terms and Definitions: Direct Sales, Missionary Sales, Team Selling, and More and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 Direct Sales DEFINITION 1 Sales that result from the sales person's direct interaction with a consumer or company. TERM 2 Missionary Sales DEFINITION 2 Sales made indirectly through people who do not obtain orders but influence the buying decision of others. TERM 3 Team Selling DEFINITION 3 Selling that involves people from several parts of the organization, including top executives, working together to create a relationship with the buying organization. TERM 4 Traditional Sales Approach DEFINITION 4 Emphasizing persuasive techniques to convince consumers to buy a company's products. TERM 5 Consultative Selling DEFINITION 5 An approach to selling in which sales personal working closely with customers to help solve problems. TERM 6 Relationship Selling DEFINITION 6 Forging bonds between buyer and seller to gain loyalty and mutual satisfaction. TERM 7 Negotiation DEFINITION 7 Discussion between two or more parties to arrange a transaction. TERM 8 Account Management DEFINITION 8 The Activities of a salesperson or sales team to build and support the relationship with a customer. TERM 9 Sales Territory DEFINITION 9 All the actual and potential customers, often within a specified geographic area, for which the salesperson has responsibility. TERM 10 Territory Planning DEFINITION 10 Identifying potential, and the frequency with which they will be contracted about various products. TERM 21 Telemarketing DEFINITION 21 Making telephone calls to leads provided by marketing services or from other lists. TERM 22 Preapproach DEFINITION 22 Preparation by the salesperson for the initial meeting with a prospect. TERM 23 Routing Schedule DEFINITION 23 A travel plan for calling on prospects that is developed to save time and minimize expenses. TERM 24 Approach DEFINITION 24 The salesperson's first formal contact with the potential customer. TERM 25 Presentation DEFINITION 25 A two-way process in which the salesperson listens to the customer to identify needs and then describes how the product will fulfill them. TERM 26 Empathy DEFINITION 26 An interpersonal connection in which the salesperson knows precisely how the prospect feels and communicates that understanding. TERM 27 Closing DEFINITION 27 The point at which the salesperson obtains the first order from the customer. TERM 28 Follow-up DEFINITION 28 After-sales service to ensure customer satisfaction in order to obtain repeat business. TERM 29 Environmental Forecast DEFINITION 29 An estimate of the economic, political, and social factors likely to affect the level of spending for the types of products or services being forecasted. TERM 30 Industry Forecast DEFINITION 30 An estimate of the amount and type of competitive activity likely to occur in an industry. TERM 31 Company Sales Forecast DEFINITION 31 A prediction of unit or dollar sales for a given period, in total or broken down by product, segments, or other categories, adn based on the marketing strategy that will be put in. TERM 32 Quotas DEFINITION 32 Quantitative objectives used to direct sales force activity and evaluate performance. TERM 33 Price DEFINITION 33 The exchange value of a good or service in the marketplace. TERM 34 Status Quo Pricing DEFINITION 34 When a competitor makes a price change, rivals follow suit. TERM 35 Nonprice Competition DEFINITION 35 Price is unchanged but adjustments are made to other parts of the marketing mix in response to competitor's price change. TERM 46 Incremental Costs DEFINITION 46 Costs that go up or down based on volume, including variable costs and certain fixed costs. TERM 47 Tariffs DEFINITION 47 A tax levied against a good being imported into a country. TERM 48 Export Subsidy DEFINITION 48 Funding by a government to encourage businesses to export goods. TERM 49 Transfer Prices DEFINITION 49 The amount a company charges its foreign affiliate for a product. TERM 50 Exchange Rate DEFINITION 50 The worth of one currency relative to another TERM 51 Inflation DEFINITION 51 The tendency of a currency to be worth less over time. TERM 52 Price Controls DEFINITION 52 Government restrictions on the price that can be charged for a product. TERM 53 Gray Marketing DEFINITION 53 Importing products made in a foreign county back to the company's home market without approval. TERM 54 Price-fixing DEFINITION 54 An attempt by one party to control what another party will charge in the market. TERM 55 Vertical Price-fixing DEFINITION 55 An attempt by a manufacturer or distributor to control the final selling price at the retail level. TERM 56 Horizontal Price-fixing DEFINITION 56 Agreement among manufacturers and channel members to set prices at the retail level. TERM 57 Price Discrimination DEFINITION 57 A legally restricted practive in which a manufacturer or other channel member charges different prices to different retailers in the same marketplace. TERM 58 Predatory Pricing DEFINITION 58 Price-cutting by large firms to eliminate small local competitors. TERM 59 Loss Leaders DEFINITION 59 Items priced below cost to attract customers. TERM 60 Bait and Switch DEFINITION 60 An unethical practice in which sellers advertise items at extremely low prices and then inform the customer that the items are out of stock, offer different items, or attempt to sell the customer more expensive substitutes. TERM 71 Price Ceiling DEFINITION 71 The top end of a price range. TERM 72 Target Pricing DEFINITION 72 The use of price to reach a particular market segment. TERM 73 Going Rate DEFINITION 73 The price that evolves over time when no competitor has power over others and all price at a similar level. TERM 74 Price war DEFINITION 74 A cut by one company spurs similar reductions by competitors, resulting in price slashing that can lower profit margins. TERM 75 Countertrade DEFINITION 75 Government mandates that imported products can't be paid for with cash; the exporting country must purchase goods of equivalent value from the importing nation. TERM 76 Price Skimming DEFINITION 76 A strategy designed to obtain a high price from relatively few consumers with the resources to buy irrespective of price. TERM 77 Penetration Pricing DEFINITION 77 A strategy seeking the maximum number of buyers by charging low prices. TERM 78 Slide Down the Demand Curve DEFINITION 78 A strategy that involves setting a high price when a product its introduced and lowering it significantly as competitors enter the market. TERM 79 Price Umbrella DEFINITION 79 The leader maintains the price at a high enough level that competitors can earn a profit at the same price or lower levels. TERM 80 Everyday Low Prices DEFINITION 80 Prices , on average, are consistently lower than those of competitors. TERM 81 Promotional Pricing DEFINITION 81 A strategy in which price discounts are used to gain attention and encourage immediate purchase. TERM 82 List Price DEFINITION 82 The Price set by the manufacturer and used by consumers as a reference point. Also called suggested retail price. TERM 83 Market Price DEFINITION 83 The actual price buyers must pay for a product.