Relationship selling - ANSWER sales technique that focuses on the interaction between
the buyer and the salesperson rather than the price or details of the product
Value creation - ANSWER the performance of actions that increase the worth of goods,
services, or even a business
Sales process - ANSWER incorporates actually selling the company's products or service
to its customers
Personal selling - ANSWER a type of selling that uses person-to-person interaction to sell
products and services
Customer loyalty - ANSWER having a positive attitude toward a product or brand, which
includes supportive behavior from the customer
Brand trust - ANSWER the willingness of the average consumer to rely on the ability of
the brand to perform its stated function
Conversion rates - ANSWER the percentage of prospective customers who take a specific
action you want
Sales forecast - ANSWER the process of estimating future sales
Operational budget - ANSWER a plan for expenditures required to maintain the function-
ing of a business venture or public organization
1
,Product-market fit - ANSWER degree to which a product satisfies a strong market de-
mand
Corporate structure - ANSWER an organization's different departments or business units
within a company to achieve its overall mission and goals
Functional structure - ANSWER an organization structure that groups employees accord-
ing to a specialized or similar set of roles or tasks
Modular structure - ANSWER divides the business into small, tightly knit sbus, which fo-
cus on specific elements of the organizational process
Strategic business unit - ANSWER a profit center that focuses on product offering and
market segment
Competitive advantage - ANSWER a condition or circumstance that puts a company in a
favorable or superior business position
Sustainable competitive advantage - ANSWER company assets, attributes, or abilities that
are difficult to duplicate or exceed and provide a superior or favorable long-term position
over competitors
Customer relationship management (CRM) - ANSWER processes implemented by a com-
pany to handle its contact with customers with the goal of creating a unified customer expe-
rience to maximize retention
Business intelligence (BI) - ANSWER the use of data in an enterprise to facilitate decision-
making. It encompasses understanding the actual operation of the company, as well as the
anticipation of future events, with the aim of providing knowledge to support business deci-
sions
2
, Big data analytics - ANSWER large, complex data sets that require non-traditional data
processing software to predict trends and forecasts
Organizational ethics - ANSWER the principles and standards by which businesses oper-
ate and it is how an organization responds to an internal or external stimulus
Marketing concept - ANSWER identifying customer needs and then producing the goods
or services that will satisfy those needs while making a profit for the organization
"right" principle - ANSWER getting the right goods or services to the right people at the
right place, time, and price, using the right promotional techniques
Promotion - ANSWER the attempt by marketers to inform, persuade, or remind consum-
ers and industrial users to engage in the exchange process
Promotional mix - ANSWER the combination of advertising, personal selling, sales pro-
motion, and public relations used to promote a product
Integrated marketing communications (IMC) - ANSWER the careful coordination of all
promotional activities to produce a consistent, unified message that is customer focused
Customer journey - ANSWER a framework that acknowledges a buyer's progression
through a research and decision process ultimately culminating in a purchase
AIDA - ANSWER attention, interest, desire, action
Transactional selling - ANSWER sales strategy that involves focusing on achieving quick
sales without a significant attempt to form a long-term customer relationship
3
the buyer and the salesperson rather than the price or details of the product
Value creation - ANSWER the performance of actions that increase the worth of goods,
services, or even a business
Sales process - ANSWER incorporates actually selling the company's products or service
to its customers
Personal selling - ANSWER a type of selling that uses person-to-person interaction to sell
products and services
Customer loyalty - ANSWER having a positive attitude toward a product or brand, which
includes supportive behavior from the customer
Brand trust - ANSWER the willingness of the average consumer to rely on the ability of
the brand to perform its stated function
Conversion rates - ANSWER the percentage of prospective customers who take a specific
action you want
Sales forecast - ANSWER the process of estimating future sales
Operational budget - ANSWER a plan for expenditures required to maintain the function-
ing of a business venture or public organization
1
,Product-market fit - ANSWER degree to which a product satisfies a strong market de-
mand
Corporate structure - ANSWER an organization's different departments or business units
within a company to achieve its overall mission and goals
Functional structure - ANSWER an organization structure that groups employees accord-
ing to a specialized or similar set of roles or tasks
Modular structure - ANSWER divides the business into small, tightly knit sbus, which fo-
cus on specific elements of the organizational process
Strategic business unit - ANSWER a profit center that focuses on product offering and
market segment
Competitive advantage - ANSWER a condition or circumstance that puts a company in a
favorable or superior business position
Sustainable competitive advantage - ANSWER company assets, attributes, or abilities that
are difficult to duplicate or exceed and provide a superior or favorable long-term position
over competitors
Customer relationship management (CRM) - ANSWER processes implemented by a com-
pany to handle its contact with customers with the goal of creating a unified customer expe-
rience to maximize retention
Business intelligence (BI) - ANSWER the use of data in an enterprise to facilitate decision-
making. It encompasses understanding the actual operation of the company, as well as the
anticipation of future events, with the aim of providing knowledge to support business deci-
sions
2
, Big data analytics - ANSWER large, complex data sets that require non-traditional data
processing software to predict trends and forecasts
Organizational ethics - ANSWER the principles and standards by which businesses oper-
ate and it is how an organization responds to an internal or external stimulus
Marketing concept - ANSWER identifying customer needs and then producing the goods
or services that will satisfy those needs while making a profit for the organization
"right" principle - ANSWER getting the right goods or services to the right people at the
right place, time, and price, using the right promotional techniques
Promotion - ANSWER the attempt by marketers to inform, persuade, or remind consum-
ers and industrial users to engage in the exchange process
Promotional mix - ANSWER the combination of advertising, personal selling, sales pro-
motion, and public relations used to promote a product
Integrated marketing communications (IMC) - ANSWER the careful coordination of all
promotional activities to produce a consistent, unified message that is customer focused
Customer journey - ANSWER a framework that acknowledges a buyer's progression
through a research and decision process ultimately culminating in a purchase
AIDA - ANSWER attention, interest, desire, action
Transactional selling - ANSWER sales strategy that involves focusing on achieving quick
sales without a significant attempt to form a long-term customer relationship
3
