UPMSP Vocational Marketing & Salesmanship flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Marketing

The set of activities that identify, anticipate and satisfy customer needs profitably through exchange; broader than selling because it begins before production and continues after sale.

Marketing Mix

The controllable set of tools a firm combines to serve its target market: Product, Price, Place and Promotion, extended to People, Process and Physical Evidence for services.

Marketing Myopia

The error of defining a business by the product it makes rather than the customer need it satisfies, so the firm misses threats from substitute solutions.

Micro Environment

The actors close to the firm that directly affect its ability to serve customers: the company itself, suppliers, intermediaries, customers, competitors and publics.

Cognitive Dissonance

Post-purchase doubt felt when a buyer weighs the drawbacks of the chosen product against the attractions of rejected alternatives; follow-up communication helps reduce it.

Reference Group

A group that serves as a comparison point for a person's beliefs, attitudes and buying behaviour, exerting normative or comparative influence on product choice.

Market Segmentation

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.

Targeting

Evaluating each segment's size, growth and structural attractiveness, then selecting the segment or segments the firm will serve with its marketing effort.

Positioning

Designing the company's offer and image so that it occupies a distinct, valued place in the mind of the target customer relative to competing brands.

Product Levels

Kotler's five layers: core benefit, basic product, expected product, augmented product and potential product, each adding value for the buyer.

Brand Equity

The differential value a brand name adds to a product, reflected in customer preference, loyalty, price premium and the asset value of the brand.

Product Life Cycle

The four-stage sales and profit pattern of a product over time: introduction, growth, maturity and decline, each requiring different marketing strategies.

Break-Even Quantity

The sales volume at which total revenue equals total cost, computed as fixed cost divided by the difference between unit price and unit variable cost.

Penetration Pricing

Setting a low initial price to attract a large number of buyers quickly and win a high market share, accepting lower early margins.

Price Skimming

Setting a high initial price to capture maximum revenue from buyers who value the product most, then lowering price over time.

Cash Discount

A reduction in price offered to buyers who pay their bills promptly within a stated period, used to improve the seller's cash flow.

Channel Level

The number of intermediary layers between the producer and the final consumer; zero level means direct selling, one level means a single intermediary such as a retailer.

Intensive Distribution

Placing a product in as many outlets as possible, used for convenience goods where buyers will not search for a particular brand.

Total Logistics Cost

The principle that transport, warehousing, inventory-carrying and order-processing costs must be minimised together, because reducing one may raise another.

AIDA Model

A sequence describing how promotion moves a prospect: gain Attention, arouse Interest, create Desire and prompt Action.

Sales Promotion

Short-term incentives, such as samples, coupons, contests or trade allowances, designed to stimulate quicker or greater purchase by consumers or dealers.

Push vs Pull

A push strategy promotes to channel members to move stock forward; a pull strategy promotes to final consumers to create demand that draws the product through.

Salesmanship

Personal, persuasive, two-way communication in which a salesperson helps a prospect recognise a need and choose a product that satisfies it.

Objection Handling

The selling step in which the salesperson clarifies, answers and resolves a prospect's doubts or resistance before attempting to close the sale.

Departmental Store

A large retail outlet offering many product lines under one roof, organised into separate departments, each with its own buying and accounting.

Wholesaler Functions

Buying in bulk, breaking bulk, storing, grading, transporting, financing and supplying market information to producers and retailers.

Sales Quota

A performance target assigned to a salesperson or territory, expressed in volume, value, profit or activity, used for motivation and evaluation.

Straight Commission

A compensation plan paying salespeople a fixed percentage of sales or profit, giving strong incentive but unstable income and weak service focus.

Consumer Rights

Under Indian law, the rights to safety, information, choice, being heard, redressal and consumer education, enforceable through consumer commissions.

Unfair Trade Practice

A deceptive method or practice, such as a false quality claim or bait advertising, adopted to promote the sale of goods or services.

Sampling in Projects

Selecting a subset of respondents for study; convenience sampling is easy but non-representative, so the method and size must be reported.

Case Analysis Format

A structured answer covering situation, problem statement, alternatives, evaluation of alternatives, decision and implementation plan.