IMC - selling vocab

Allowance

Partial return of a sale price for merchandise the customer has kept, for example if there is a defect.

Boomerang Method

A selling method that converts a customer’s objection into a selling point.

Buying Motives

A reason a customer buys a product.

Buying Signals

The things customers do or say to indicate a readiness to buy.

Call Report

A written report that documents a sales representative's visit with a customer, including the purpose and outcome of the visit.

Cash-on-Delivery (COD)

A transaction that occurs when a customer pays for merchandise at the time of delivery.

Closing the Sale

Obtaining positive agreement from a customer to buy.

Cold Call

A sales visit without an appointment.

Cold Canvassing

The process of locating as many potential customers as possible without checking out leads beforehand.

Customer Benefits

The advantages or personal satisfaction a customer will get from a good or service.

Customer Relationship Management (CRM)

Identifying and understanding customers to form a strong, long-lasting relationship.

Direct Close

A closing method in which a salesperson asks for the sale.

Emotional Motive

A feeling experienced by a customer through association with a product.

Endless Chain Method

The process of asking previous customers for names of potential customers.

Excuses

Reasons for not buying or not seeing the salesperson.

Extended Product Features

Intangible attribute related to the sales of a product that customers find important.

Extensive Decision Making

The process used when there has been little or no experience with an item.

Feature-Benefit Selling

Sales that match the characteristics of a product to a customer’s needs and wants.

Free-on-Board (FOB)

A delivery arrangement that means the price for goods includes delivery at the seller’s expense to a specified point and no farther.

Greeting Approach

A way to approach a customer that focuses on welcoming the customer to the store.

Invoice

To commit money or capital in order to gain a financial return.

Layaway

Removing merchandise from stock and keeping it in a separate area until the customer pays.

Layman’s Terms

Words the average customer can understand.

Limited Decision Making

The process used when a person buys goods and services that he or she has purchased before but not regularly.

Merchandise Approach

A way to approach a customer that focuses on making a comment or asking questions about a product in which the customer shows interest.

Merchandising

Coordinating sales and promotional plans with buying and pricing.

Nonverbal Communication

Expressing oneself without the use of words.

Objection Analysis Sheet

A document that lists common objections and possible responses to them.

Objections

Concerns, hesitations, doubts, or other honest reasons a customer has for not making a purchase.

On-Approval Sale

An agreement that allows a customer to take merchandise home for further consideration.

Open-Ended Questions

Questions that require respondents to construct their own answers.

Opening Cash Fund

A limited amount of money in the cash register at the beginning of business.

Organizational Selling

Sales exchanges that occur between two or more companies or business groups; also known as business to business selling or B2B.

Patronage Motive

A reason for remaining a loyal customer of a company.

Personal Selling

Any form of direct contact between a salesperson and a customer.

Physical Features

Tangible attribute that helps explain how a product is constructed.

Point-of-Sale System (POS)

A combination of a cash register with a computer, making it possible to capture information about the transaction at the time of sale and apply it to different functions.

Product Features

Basic, physical, or extended attributes of a product or purchase.

Prospect

A potential customer; also known as a lead.

Prospecting

Looking for new customers.

Purchase Order (PO)

A legal contract between a buyer and seller that lists the quantity, price, and description of the products ordered, along with terms of payment and delivery.

Rational Motive

A conscious, logical reason for a purchase.

Referrals

The names of other people who might buy a product, given to salespeople by satisfied customers.

Routine Decision Making

The process used when a person needs little information about a product to make a decision because he or she buys it regularly.

Sales Check

A written record of a sales transaction that includes information such as the date, items purchased, price, sales tax, and total amount due.

Sales Quotas

Dollar or unit sales goals set for the sales staff to achieve in a specified period of time.

Sales Tax

A percentage fee levied by the government on the sale of goods and services.

Selling Points

The function of a product feature and its benefit to a customer.

Service Approach

A way to approach a customer that focuses on asking the customer if he or she needs assistance.

Service Close

A way to close a sale in which a salesperson explains services that overcome obstacles or problems.

Standing-Room-Only Close

A method of closing a sale that is in short supply or when the price will be going up in the near future.

Substitution Method

A selling method that involves recommending a different product that would still satisfy the customer’s needs.

Suggestion Selling

A method of selling in which the salesperson recommends additional goods or services to the customer.

Superior-Point Method

A selling technique that permits the salesperson to acknowledge objections as valid yet still offset them with other features and benefits.

Telemarketing

The process of selling over the phone.

Terms for Delivery

The final delivery arrangement made between a buyer and a seller.

Third-Party Method

A selling method that involves using a previous customer or other neutral person who can give a testimonial about the product.

Till

The cash drawer of a register.

Trial Close

An initial effort to close a sale.

Universal Product Code (UPC)

A combination barcode and number used to identify a product and manufacturer that must be on every item sold by the manufacturer.

Which Close

A method of closing a sale that encourages a customer to make a decision between two items.