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Marketing - Answers Business function that identifies, satisfies, and retains customers through
a set a activities related to creating, communicating, delivering, and exchanging offerings that
have value for the customer.
Relationship Selling - Answers sales technique that focuses on the interaction between the
buyer and the salesperson rather than the price or details of the product.
Value Creation - Answers The performance of actions that increase the worth of goods, services
or even a business.
Sales Process - Answers the systematic approach involving a series of steps that enables a
sales force to close more deals, increase margins and make more sales through referrals .
Customer Loyalty - Answers Having a positive attitude towards a product or brand, which
induces supportive behavior from the customer.
Brand Trust - Answers The willingness of the average consumer to relay on the the ability of the
brand to perform its stated fuction.
Person Selling - Answers A type of selling that uses person to person interaction to sell
products ad services.
Key Objectives of a Sales Department - Answers - Generating customers and converting sales
- Retain current customers
- Developing a sales forecast
-Ensuring product/market fit
Conversation Rates - Answers The percentage of prospective customers who take a specific
action you want.
Sales Forecast - Answers The process of estimating future sales.
Operational Budget - Answers A plan for expenditures required to maintain the functioning of a
business venture or public organization.
Product Market Fit - Answers The degree to which a product satisfies a strong market demand.
Corporate Structure - Answers An organization's different departments or business units within
a company to achieve its overall mission and goals.
Functional Structure - Answers An organizational structure that groups employees according to
a specialized or similar set of roles or tasks.
,Modular Structure - Answers Divides the business into small, tightly knit strategic business units
(SBUs),which focus on specific elements of the organizational process.
Strategic Business Unit (SBU) - Answers profit center which focuses on product offering and
market segment.
Value Chain - Answers The process or activities by which a company adds value to a product,
including production, marketing and the provision of after sales service.
Competitive Advantage - Answers a condition or circumstance that puts a company in a
favorable or superior business position.
Sustainable Competitive Advantage - Answers company assets, attributes, or abilities that are
difficult to duplicate or exceed; and provide a superior or favorable long term position over
competitors.
Factors That Can Help a Business Develop a Sustainable Competitive Advantage - Answers -
Customer loyalty - Vendor Relations
- Location - Customer Service
- Distribution - Multiple Source Advantage
- Unique Merchandise
Ways a Business an Use Business Intelligence (BI) to Improve Performance - Answers -Business
Process Management -Decision Making
-Business Planning -Collaboration
Code of Ethics - Answers A document that outlines the mission and values of the business or
organization, how professionals are supposed to approach problems, based on the
organizations core values and standards to which the professional is held.
Uniform Commercial Code (UCC) - Answers A comprehensive set of laws governing all
commercial transactions in the US.
Marking Concept - Answers Identifying consumer needs and then producing the goods or
services that will satisfy those needs while making a profit for the organization.
"Right" Principle - Answers getting the right goods or services to the right people at the right
place, time and price, using the right promotion techniques.
Output - Answers the act of producing something, the amount of something produced, or the
process in which something is delivered.
Input - Answers The resources invested in accomplishing a task and typically include time,
, money, and effort.
Inbound Marketing - Answers A marketing methodology designed to draw visitors and potential
customers in rather the outwardly pushing a brand, product or service onto prospects in the
hope of lead generation of customers .
Integrated Marketing Communications (IMC) - Answers The coordination of all promotional
activities - media advertising, sales promotions, personal selling and public relations, as well as
direct marketing, packaging, and other forms of promotions- to produce a consistent unified
message that is customer focused.
Customer (Buyer) Journey - Answers A framework that acknowledges a buyers progression
through a research and decision process ultimately culminating in a purchases.
AIDA - Answers -Attention - Interest -Desire - Action
Adaptive Selling - Answers Using social styles to customize a sales approach to the specific
customer.
Social Style Matrix - Answers A model that categorizes people according to personality traits
and how they interact with others.
Law of Psychological Reciprocity - Answers When someone does something nice for you, you
will have deep rooted psychological urge to do something nice in return.
Customer Lifetime Value (CLU) - Answers A prediction of the net profit attributed to the entire
future relationship with a customer.
Return on Customer Investmetn - Answers A metric that measures how much value a business
can create per customer.
Value Proposition - Answers An innovation, service, of feature intended to make a company or
product attractive to customers.
Sales Funnel - Answers Buying process that companies lead customers through when
purchasing products.
Sales Management - Answers A business discipline which is focused on the practical
application of sales techniques and the management of the firm's sales operations.
Sales Channels - Answers A way of brining products or services to market so they can be
purchased by consumers.
Distribution Channels - Answers A chain of businesses or intermediaries through which a good
or service passes until it reaches the end consumer.
Retailers - Answers Businesses that sell goods to the public in relatively small quantities for use