Marketing Chapters 9–12: Personal Selling, Supply Chain, Pricing, and Retailing

Comprehensive vocabulary flashcards covering the key terms, strategies, classifications, and regulations from Chapters 9 through 12 on Personal Selling, Supply Chain Management, Pricing, and Retailing.

Personal Selling

A promotional method whose goal is to build relationships and increase customer lifetime value, particularly when products are complex, customized, expensive, or purchased infrequently.

New Business Sellers

Salespeople whose primary responsibility is to focus on acquiring new customers.

Order Takers

Salespeople who focus on processing orders received from customers.

Consultative Sellers

Sales professionals who focus on solving customer problems.

Missionary Salespeople

Sales representatives who promote products to potential customers but do not directly take orders.

Key Account Managers

Sales professionals responsible for managing major client relationships.

Technical Specialists

Sales team members who provide technical expertise during the sales process.

Prospecting

The initial pre-sales stage of the personal selling process focused on searching for available buyers.

Pre-Approach

The pre-sales phase where the salesperson researches the company, personalizes communication, identifies customer needs, and utilizes networking.

Summary Close

A closing technique where the salesperson reviews the product's benefits to gain commitment from the customer.

Alternative Close

A closing technique in which the salesperson gains commitment by presenting the customer with specific options.

SPIN Selling Method

A sales technique that encourages the buyer to talk by having the seller ask Situation, Problem, Implication, and Need-Payoff questions.

Situation Questions

Questions in the SPIN selling method designed to understand the customer's current situation.

Problem Questions

Questions in the SPIN selling framework used to identify the customer's problems or challenges.

Implication Questions

Questions in SPIN selling intended to explore and understand the consequences of a customer's problem.

Need-Payoff Questions

Questions in the SPIN selling method that demonstrate how the proposed solution helps the customer.

Customer Relationship Management (CRM)

Sales technology that stores customer data—such as contact information, needs, sales history, notes, and follow-ups—to enhance tracking and insights.

Supply Chain

A network of linked companies, including wholesalers, distributors, and retailers, that work together to deliver products and services to customers.

Push Strategy

A supply chain strategy where production is based on forecasted demand, emphasizing economies of scale but risking excess inventory.

Pull Strategy (Just-in-Time)

A supply chain strategy where production is driven by actual demand, resulting in lower inventory levels and high customer responsiveness.

Hybrid Push-Pull Strategy

A supply chain strategy that combines forecasting with demand-driven production.

Logistics

The process of planning, implementing, and controlling the flow of goods, directly affecting product availability, pricing, promotion, and customer satisfaction.

Materials Management

The operational function that ensures efficient movement and storage of materials to reduce costs, coordinate supply and demand, and support manufacturing.

Near-Shoring

A supply chain sustainability practice that shortens transportation routes by moving sourcing and production closer to home.

Closed-Loop Supply Chains

A sustainable supply chain model that incorporates recycling, waste reduction, and sustainable sourcing into the product cycle.

Shrinkflation

A price adjustment technique where a manufacturer reduces the size or quantity of a product while keeping the selling price the same.

Odd-Even Pricing

A pricing tactic that uses specific price endings, such as pricing an item at $4.99$, to influence buyer perception.

Prestige Pricing

A pricing tactic where high prices are intentionally set to signal superior quality and status.

Loss Leader Pricing

A tactic of pricing selected products below typical margins to attract customers into a retail location.

Dynamic Pricing

A technology-driven pricing strategy that continuously adjusts prices in response to real-time market demand, often used by airlines and ride-sharing services.

Gray Markets

Commercial channels through which branded goods are sold without the authorization of the original trademark owner.

Sherman Antitrust Act

Federal legislation that makes illegal business practices such as price fixing.

Robinson-Patman Act

A key regulatory act designed to prevent anti-competitive price discrimination.

Wheeler-Lea Act

Federal legislation enacted to regulate unfair business practices and prohibit false advertising.

Discount Stores

Retailers that operate on low profit margins and high sales volume, such as Walmart and Target.

Specialty Stores

Retail establishments focusing on narrow, distinct product categories, such as Best Buy.

Warehouse Clubs

Retail stores offering bulk purchases at low prices, exemplified by Costco, Sam's Club, and BJ's.

Convenience Stores

Retail formats located in high-traffic areas featuring limited selections, higher prices, and frequently accompanying gas stations, such as Sheetz.

Omnichannel Retail

A modern retailing approach that integrates physical and digital channels, allowing options like ordering online and picking up in-store.

Geofencing

A location-based retail technology that establishes virtual boundaries to interact with and track mobile devices.

Wholesalers

Intermediary firms that provide value by performing selling and promotion, bulk breaking, warehousing, transportation, financing, risk bearing, and gathering market information.