MGKT CHAPTER 18 Sales Promotion and Personal Selling

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ndumas2
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91041
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MGKT CHAPTER 18 Sales Promotion and Personal Selling
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2011-06-17 16:09:54
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Sales Promotion nand Personal Selling
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Key terms for Chapter 18
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  1. Sales Promotion
    Marketing communication activities, other than advertising, personal selling, and public relations, in which a short-term incentive motivates a purchase
  2. Coupon
    A certificate that entitles consumers to an immediate price reduction.
  3. Rebate
    A cash refund given for the purchase of a product during a specific period.
  4. Premium
    An extra item offered to the consumer, usually in exchange for some proof of purchase.
  5. Loyalty Marketing Program
    A promotional program designed to build long-term, mutually beneficial relationships between a company and key customers.
  6. Frequent Buyer Program
    A loyalty program in which loyal consumers are rewarded for making multiple purchases.
  7. Contests
    Promotions that require skill or ability to compete for prizes.
  8. Sweepstakes
    Promotions that depend on chance or luck, with free participation.
  9. Sampling
    A promotional program that allows the consumer the opportunity to try a product or service for free.
  10. Push Money
    Money offered to channel intermediaries to encourage them to “push” products--that is, to encourage other members of the channel to sell the products.
  11. Relationship (Consultative) Selling
    A sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships.
  12. Cold Calling
    A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects’ needs or financial status.
  13. Needs Assessment
    A determination of the customer’s specific needs and wants and the range of options a customer has for satisfying them.
  14. consumer sales promotion
    sales promotion activites targeting the ultimate consumer
  15. trade sales promotion
    sales promotion activites targeting a marketing channel member such as a wholesaler or retailer
  16. Point of puchase (P-O-P)
    a promotional display set up at the retailers location ot build traffic, advertise the product or induce impulse buying
  17. trade allowance
    a price reduction offered by manufactures to intermediaries such as whole salers and retailers
  18. sales process (sales cycle)
    the set of steps a salesperson goes through in a particular organization to sell a particular product or service
  19. lead generation (prospecting)
    identification of those firms and people most likely to buy the sellers offerings
  20. referral
    a recommendation to a sales person from a customer or business associate
  21. networking
    a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations
  22. lead qualification
    determination of a sales prospects 1 recognized need, 2 buying pwer, and 3 receptivity and accessibility
  23. preapproach
    a process that describes the "homework" that must be done by a sales person before he or she contacts a prospect
  24. needs assessment
    a determination of the customer's specific needs and wants and the range of options the customer has for satisfying them
  25. sales proposal
    a formal written document or professional presentation that outlines how the salesperson's product or service will meet or exceed the prospect's needs
  26. sales presentation
    a formal meeting in which the salesperson presents a sales proposal to a prospective buyer
  27. negotiation
    the process during which both the salesperson and the prospect offer special conessions in an attempt to arrive at a sales agreement
  28. follow-up
    the final step of the selling process, in which the sales person ensures that delivery schedules are met, that the goods or services perform as promised and that the buyers' employees are properly trained to use the product.

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