Sales I - 2.01, 2.02, 2.03 Vocabulary

A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected.

• Customer Service

• Warranty

• Complaint

• Reputation

A percentage of the total sale amount paid to the individual or business that makes the sale.

• Credit

• Benefit

• Commission

• Profit

The movement of resources from resource owners to producers and from producers to consumers.

• Economic Flow

• Commission

• Intermediaries

• Economics

An advantage consumers receive from using a product.

• Feature

• Benefit

• Tangible

• Intangible

Not capable of being detected through the senses.

• Feature

• Benefit

• Tangible

• Intangible

A type of producer that changes the shapes or forms of materials so that they will be useful to consumers.

• Intermediaries

• Procedure

• Wholesaler

• Manufacturer

Usefulness; capable of satisfying wants and needs.

• Want

• Need

• Utilitiy

• Intangible

The arrangement by which businesses or individuals can purchase now and pay later.

• Need

• Credit

• Want

• Commission

Channel members operating between the producer and the consumer or industrial user to help in the movement of goods and services.

• Intermediaries

• Procedure

• Wholesaler

• Manufacturer

A measure of how well a business has met its customers’ expectations

• Customer Satisfaction

• Customer Service

• Reputation

• Suggestion Selling