Maharashtra HSC Bifocal Marketing and Salesmanship key terms

The organised process of identifying customer needs, creating goods or services that satisfy them, and exchanging value so that both the buyer and the seller benefit over time.

The act of obtaining a desired product from someone by offering something in return, which requires two parties, each with something of value and freedom to accept or reject.

The want-satisfying power of a product, described in marketing as form, place, time, and possession utility created through production, transport, storage, and selling activities.

The coordinated set of four decision areas, namely product, price, place, and promotion, that a firm combines to serve a chosen target market profitably.

All internal and external forces surrounding a business that affect its marketing decisions, commonly grouped into micro factors such as customers and competitors and macro factors such as economic and legal conditions.

A structured review of a firm's internal strengths and weaknesses along with external opportunities and threats, used to match marketing strategy to prevailing conditions.

The study of how individuals and households search for, buy, use, and dispose of products, including the psychological and social factors that shape those decisions.

Any person or group, such as family, friends, or a celebrity, whose opinions and behaviour a consumer uses as a standard and which can influence product choice.

The process by which a buyer selects, organises, and interprets information from advertisements and other cues to build a meaningful picture of a product.

Dividing a heterogeneous market into smaller groups of buyers with similar needs or characteristics so that each group can be served with a tailored offer.

The specific segment or segments a firm decides to serve with its marketing effort after evaluating segment size, growth, competition, and fit with its own resources.

Designing a product and its communication so that it occupies a clear, distinct, and valued place in the minds of buyers relative to competing brands.

Concentrating effort on a small, well-defined segment whose needs are not fully met by larger competitors, often allowing a firm to charge a premium.

The pattern of sales and profit a product passes through from introduction and growth to maturity and decline, with marketing strategy adjusted at each stage.

A name, symbol, design, or combination of these that identifies a seller's goods and distinguishes them from those of competitors in the buyer's mind.

The total impression of meanings, feelings, and associations that a brand creates in the minds of buyers, shaped by product quality and communication.

A buyer's consistent preference for and repeat purchase of one brand over alternatives, which reduces switching and gives the seller a stable customer base.

Using an established brand name to launch a new product in a different category, hoping to transfer existing trust and recognition to the new item.

Setting the amount a buyer pays for a product by weighing costs, demand, competitor prices, and the value perceived by the customer.

A launch strategy of setting a low initial price to attract buyers quickly, build market share, and discourage competitors from entering.

A launch strategy of charging a high initial price to recover costs from buyers willing to pay more, then lowering the price as competition grows.

The sales volume at which total revenue exactly equals total cost, so the firm neither earns profit nor suffers loss at that level of output.

The chain of intermediaries, such as wholesalers and retailers, through which goods move from the producer to the final consumer.

A middleman who buys goods in bulk from producers and resells them in smaller quantities to retailers, providing storage, transport, and credit support.

A trader who buys goods from wholesalers or producers and sells them directly to final consumers in small quantities at convenient locations.

All communication activities, including advertising, personal selling, sales promotion, and publicity, used to inform, persuade, and remind buyers about a product.

Coordinating every promotional tool so that a single, consistent message reaches the buyer, avoiding conflicting signals from different channels.

Any paid, non-personal presentation of ideas, goods, or services by an identified sponsor through media such as print, television, radio, or digital platforms.

Short-term incentives such as discounts, coupons, contests, and free samples used to stimulate quicker or larger purchases by consumers or dealers.

Face-to-face or voice-to-voice communication in which a salesperson persuades a buyer to purchase, allowing immediate feedback and tailored argument.

The first stage of the selling process, in which a salesperson searches for and qualifies potential buyers who have a need, ability to pay, and authority to buy.

The stage before meeting a prospect in which the salesperson gathers information about the buyer's needs, budget, and likely objections and plans the presentation.

The stage of selling in which the salesperson listens to a buyer's doubts or excuses, clarifies them, and responds with evidence to move the sale forward.

The stage at which the salesperson seeks the buyer's agreement to purchase, using signals, trial closes, or a summary of benefits already accepted.

A target assigned to a salesperson or territory, expressed in sales value, volume, or activity, against which actual performance is measured.

A defined geographic or customer-based area assigned to a salesperson or team so that responsibility for customers and selling effort is clearly divided.

Planning, recruiting, training, motivating, supervising, and evaluating the sales team so that selling objectives are met efficiently.

An estimate of future sales volume or value for a product, territory, or period, based on past data, market conditions, and sales force judgement.

Building long-term, mutually profitable ties with customers and channel partners by focusing on retention, service, and trust rather than single transactions.

The buyer's judgement of how well a product's actual performance matches or exceeds prior expectations, which drives repeat purchase and word-of-mouth.

Promotion and selling carried out through online channels such as websites, search engines, email, and social media, allowing measurable and targeted communication.