Deck 4 Flashcards Preview

50 Terms > Deck 4 > Flashcards

Flashcards in Deck 4 Deck (50):
1

Boomerang method-

Selling method that converts a customers objection into a selling point.

2

Aptitude-

An ability or natural talent the potential to learn a certain skill.

3

Brick and Mortar Retailers-

Traditional Retailers that sell goods to customers from physical stores, rather than over the Internet.

4

Carload-

minimum number of pounds per freight.

5

Cash Flow Statement-

A monthly plan that tracks when a person anticipates that cash will come into their business and when they expect to pay out cash.

6

Category Management-

A process that involves managing product categories as individual business units.

7

Consumer Price Index-

change in price over a period of time of retail goods.

8

Consumer product Safety Commission

oversee the safety of goods and services.

9

contract manufacturing

The process of hiring a foreign manufacturer to make products according to certain specifications.

10

decentralized buying

Store managers who are authorized to make special purchases.

11

direct check method

The merchandicse is checked directly against the actual invoice or purchase order.

12

disclaimer

statement that contains expectations to and exclusions from a warranty.

13

dollar control

the planning and monitoring of the total inventory investment that a business makes during a period of time.

14

empathy

understanding of a persons situation or frame of mind.

15

Equity

the concept of equal rights and opportunities for everyone.

16

layaway

It keeps the merchandise in storage until the costomer pays it off.

17

FOB

an orgainizaton

18

suggestion selling

a method of selling in which the salesperson recommends additional goods or services to the customer.

19

enumeration

listing items in order.

20

factors of production

four categories; land, labor, capitol, and entrepreneurship.

21

collateral

something of value that a person pledges as payment for a loan in case of default.

22

focal point

something on display that that grabs your attention.

23

telemarketing

selling goods over the phone.

24

till

the cash drawer of a cash register.

25

telecommunicating

program that involves working at home,usually on a computer, completed by email.

26

wholesale and retail buyers

buyers who purchase goods for resale

27

one price policy

All customers are charged the same price for the goods and services offered for sale.

28

product planning

making decisions about the features and services of a product or idea that will help sell that product.

29

primary data

Data obtained for the first time and used specifically for the particular problem or issue under study.

30

producer price index

Measurement of wholesale price levels in the economy.

31

push policy

A manufacturer uses a mix of personal selling, advertising, and buying discounts to promote a product to large retailers that sell its products.

32

net income

The amount left after the total expenses are subtracted from gross profit.

33

net sales

the amount left after gross sales have been adjusted for returns and allowances.

34

gross sales

the total of all sales for a given period of time.

35

gross profit

the difference between sales revenue and the cost of goods sold.

36

jargon

specialized vocabulary used by memebers of a particular group.

37

impression

a single exposure to an advertising message.

38

fractions

numbers used to describe or compare parts of a whole.

39

generalization

a statement that is accepted as true by most people.

40

frequency

the number of times an audience sees or hears an advertisement.

41

job lead

information about a job opening

42

monopoly

exclusive control over a product or the means of producing it.

43

mixed number

a whole number and a fraction written together.

44

networking

the art of building business contracts and alliances.

45

prospect

a potential customer

46

pull policy

a process that directs promotion towards consumers

47

package

physical container or wrapping for a product

48

sales tax

a percentage fee placed by the government on the sale of goods and services.

49

values

beliefs that guide the way people live

50

whistle blowing

reporting an illegal action by one's employer