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SEM Unit 2 Vocab

Sports and Entertainment Marketing 1 Unit 2 Vocabulary

TermDefinition
Bait and Switch Advertising Advertising one product (the "bait") at a very attractive price, then informing the customer that the advertised product is either unavailable or of poor quality, convincing the customer to purchase a different, more expensive product
Benefit an advantage consumers receive from using a product
Buying Motives emotional or rational reasons a customer decides to make a purchase
Deceptive Advertising Advertising that misleads consumers, either by making unjustified claims regarding a product's composition, qualities, sponsorship, or performance or by omitting a material fact concerning the product's com­position, qualities, sponsorship, or performance
Direct Distribution channel of distribution is straight from manufacturer to consumer.
Economic Flow the movement of resources from resource owners to producers and from producers to consumers
Economy the system in which people make and spend their incomes
Entrepreneurs people who assume the risks of starting and operating businesses
Ethics basic principles that govern your behavior
False Statements of Fact Advertising that appears to be based on facts which are, in fact, scientifically untrue, is deceptive
Feature a fact or characteristic of the product
Goods tangible objects that can be manufactured or produced for resale
Indirect Distribution intermediary/middlemen (wholesaler, retailer) involved in channels of distribution
Intangible not capable of being detected though the senses
Intermediaries business firms operating between manufacturer & the customer/buyer that aides in the movement of product (middlemen); o performs Marketing functions better than manufacturer is capable of
Manufacturer a type of producer that changes the shapes or forms of materials so that they will be useful to consumers
Product Knowledge information about a specific good or service that can be used in sales presentations.
Sales Presentation the sales procedure in which the sales person shows the customer the benefits of the product’s features; includes the sales dialogue and product demonstration
Selling helping customers make wise buying decisions; planned, personalized communication designed to influence purchase decisions that ensure customer satisfaction
Selling Policies guidelines for selling. How will products be sold?
Selling Skills ability to determine customers’ needs, wants, and buying motives; to open and close sales; to question customers; to handle customer objections; suggest additional or substitute items; demonstrate products; and follow up sales
Selling Activity Policies guidelines for sales people. What is required of the sales employees? What laws apply?
Service Policies are guidelines for servicing customers.
Created by: SWKelly17
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