20 This glossary will be depicting marketing related terms and words. terms
This glossary was made because it is part of a homework, otherwise, this would have most likely never been done.
B2B
Expression
Business to business. This describes the transaction between two businesses or the relationship between two businesses.
Example: We focus our sales on the B2B segment of our company.
B2C
Expression
Business to consumer. Type of transaction that happens between a business and an individual or a group of individuals that is not a business.
Example: This retail store only concentrates on its B2C segment.
Benefit
Noun
The value of a product or service that a consumer of that product or service experiences.
Example: This product has a great benefit margin.
Buyer behaviour
Noun
The ways a consumer identifies, considers, and chooses products and services.
Example: Buyer behaviour needs to be considered when dealing with clients.
Buying criteria
Noun
All the information a consumer needs to make a buying decision.
Example: You have to make sure all buying criteria are answered before a customer decides to buy.
Buying process
Noun
All the information a consumer needs to make a buying decision.
Cold calling
Noun
Making unsolicited calls in an attempt to sell products or services. It's also a very inefficient way to find potential customers.
Example: My boss asked me to do cold calls for the rest of the day.
Commission
Noun
The payment a sales rep gets when they successfully sell something; usually a percentage of sales revenue.
Example: My salary is 100% commission-based.
Consumer
Noun
A person who uses a product or service. They may not be the actual buyer of that product.
Example: My parents are heavy consumers.
Cross-selling
Noun
When a sales rep has more than one type of product to offer consumers that could be beneficial, and s/he successfully sells a consumer more than one item either at the time of purchase or later on.
Example: This rep uses cross-selling to sell all of his merchandise.
Customer relationship management.
Noun
Software that let companies keep track of everything they do with their existing and potential customers. At the simplest level, CRM software lets you keep track of all the contact information for these customers.
Example: My company uses a new CRM software.
Decision-maker
Noun
The person who, or role that, makes the final decision of a sale.
Example: I am the decision-maker on this buying process.
Flywheel
Noun
The flywheel is a new way of conceptualizing the sales process.
Example: I printed flywheels for training purposes.
Forecasting
Verb
Estimating future sales performance for a forecast period based on historical data. Forecasted performance can vary widely from actual sales results, but helps sales reps plan their upcoming days, weeks, and months, and helps high-level employees set standards for expenses, profit, and growth.
Example: In today's meeting, we will forecast our next month as a team.
Lead
Noun
Privileged information given to a business through intel or communication.
Example: I received good leads from a client earlier.
Loss leader
Noun
Used in retail to refer to a product sold at a low price (either at break-even or at a loss) for the purpose of attracting customers into the store.
Example: Gas is this convenience store's loss leader.
Margin
Noun
The difference between a product or service's selling price and the cost of production.
Example: Cleaning products have a high margin of profit.
Mark-up
Noun
The amount added to the cost price of goods to cover overhead and profit.
Example: Higher mark-up means higher revenues.
Objection
Noun
A prospect's challenge to or rejection of a product or service's benefits, and a natural part of the sales process.
Prospecting
Verb
The process of searching for and finding potential buyers. Sales reps (or "prospectors") seek out qualified prospects and move them through the sales cycle.
Example: Today, we will be prospecting a new market for our company.