SALES 1 2.01 Vocab

Tangible

• Capable of being touched, smelled, tasted, seen, or heard

• Existing only in the mind; not real

• Difficult to understand or perceive

• Relating to abstract concepts or ideas

Economy

• The system in which people make and spend their incomes

• A type of financial institution

• A government policy on taxation

• A method of international trade

Sales presentation

• A method of advertising through social media

• The sales procedure in which the salesperson shows the customer the benefits of the product’s features; includes the sales dialogue and product demonstration

• A technique for closing a sale by offering discounts

• A strategy for managing customer relationships

Entrepreneurs

• People who assume the risks of starting and operating businesses

• Individuals who work for large corporations

• People who invest in stocks and bonds

• Individuals who provide loans to startups

Selling

• A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities

• A process of advertising products to increase brand awareness

• A method of pricing products to maximize profit margins

• A strategy for managing customer relationships after a sale

Wholesaler

• An intermediary who helps move goods between producers and retailers by buying goods from producers and selling them to retailers.

• A retailer who sells directly to consumers without any intermediaries.

• A manufacturer who produces goods for sale to wholesalers and retailers.

• A logistics company that transports goods from one location to another.

Services

• Intangible activities that are performed by other people for money; productive acts that satisfy economic wants

• Tangible products that are manufactured and sold for profit

• Activities that do not require any form of payment

• Goods that are stored and sold in retail outlets

Intermediaries

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

• Direct sellers who bypass any intermediaries

• Retailers who only sell to end consumers

• Manufacturers who produce goods for export

Intangible

• Not capable of being detected through the senses

• Easily perceived by touch

• Having a physical presence

• Able to be seen and heard

Ethics

• The basic principles that govern your behavior

• A set of laws enforced by the government

• Personal beliefs that vary from person to person

• Cultural norms that dictate social interactions