VOCAB 1
What does active listening mean?
The practice of hearing and understanding what a speaker is saying out loud and any messages suggested behind the words
Selling additional products or services to an existing customer- may contribute to a better or more complete experience for the customer
What does innovator/ trend buyer mean in marketing?
Have an early adopter mindset and want to be recognized as a trendsetter by others
What does the SMART goal system mean?
Applies to your financial, sales, Media, and marketing goals. It can also be used to test your mission statements effectiveness.
SPECIFIC, MEASURABLE, ATTAINABLE, REALISTIC, TIMELY
What does visual merchandising mean?
The presentation of a store and its merchandise in ways that will attract the attention of potential customers.
What does add-on services mean?
Available services for specific product purchases that customers can opt for (Payment options, product modifications, or other ways customers can protect their purchases)
What does demographic data mean?
Statistical data about the characteristics of a population, such as the age, gender and income of the people within the population
What does intuitive communication style mean?
Communication style that Wants big picture ideas to determine what is importance and will lose interest in a conversation if there is too much structure
What is the STAR method?
A method of answering a behavioral interview question by explaining a situation, task, and action that led to a positive result
What is warranty mean in marketing?
A type of add on service in which the manufacturer promises to repair or replace the item for a specific period of time.
What does analytical communication style mean?
A communication style in which a person tends to ask a lot of questions and behave methodically.
What does follower mean in marketing?
A shopper who wants to find out what's trendy before making a purchase. Often look for established brands.
What does layaway mean in marketing?
A system where period payments are made on goods and upon final payment, the goods are delivered.
What does the Universal Product Code men
Bar code printed on a label that has information about the item to which it is attached (description, price, tax status, discounts, promotions, etc.)
What does wholesaler mean?
A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.
What does breakaway statements mean?
Phrases used to smooth the transition between one customer and the next one ( ex- 'Would it be OK if I grab a few items for another customer)
What does franchise mean in marketing?
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
What does loyalty programs mean in marketing?
What does upselling mean?
The act of highlighting or revealing an extra value of a product or directing the customer's attention to other products that may better satisfy their need, even when they may be more expensive
What does worth mean in marketing?
The satisfaction the customer feels after obtaining/experiencing the benefits from the promised product or service.
What does company brand, and company culture mean.
The overall impression gathered from information that is seen, heard, and experienced by customers who encounter a business, its products and its services,
A company's behavior, attitudes, values, and habits.
What does functional communication style and information technology mean?
Refers to the fact a person wants to communicate - wants process, detail, timelines and well thought out plans, and
The computers and other electronic devices used to store, retrieve, transmit and manipulate data (think POS point of sale)
What does multichannel retailing and omnichannel retailing mean?
providing multiple distribution channels for consumers to buy a product, and
A multichannel approach to sales that seeks to provide a seamless shopping experience to customers whether they are shopping online from a desktop or mobile device, by telephone, or in a brick-and-mortar store
What does Point of Sale and Private Label products mean?
A data collection system that electronically receives and stores bar code information derived from sales transactions, and
Products developed by national or international manufacture and then sold under another brand name that is available only at that retailer's name
What does QR codes and revolving credit mean in marketing?
Technology that lets any piece of print in the real world host a live link to online information and video content, and
A type of open credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card.