UPMSP Vocational Marketing & Salesmanship key terms

The process of identifying customer needs and satisfying them profitably through exchange, covering product design, pricing, distribution and promotion rather than selling alone.

The controllable set of four decision areas - product, price, place and promotion - that a firm blends to serve a chosen target market.

The act of obtaining a desired object from someone by offering something in return; it is the core condition that makes marketing possible.

A business orientation holding that consumers will not buy enough unless pushed by aggressive selling and promotion, so the firm emphasises volume persuasion over customer need analysis.

The internal and external forces - economic, social, technological, political, legal and competitive - that affect a firm's ability to serve its customers.

A structured review of a firm's internal strengths and weaknesses together with external opportunities and threats, used to match capabilities to the marketing environment.

The study of how individuals select, buy, use and dispose of goods and services to satisfy their wants, including the psychological and social factors that shape those decisions.

The sequence a buyer follows: recognising a need, searching for information, evaluating alternatives, making the purchase and reviewing the outcome after purchase.

Any group a person uses as a comparison point for attitudes and behaviour, such as family, friends or colleagues, whose approval influences product and brand choice.

The discomfort a buyer feels after a purchase when doubts arise about the choice made; marketers reduce it with reassurance, follow-up contact and after-sales support.

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

Evaluating each market segment's attractiveness and selecting the segment or segments the firm will serve with its marketing effort.

Designing the firm's offer and image so that it occupies a distinct, valued place in the minds of target customers relative to competitors.

A small, narrowly defined segment with specialised needs that large firms often overlook, allowing a focused seller to build strong loyalty and higher margins.

The four stages a product passes through - introduction, growth, maturity and decline - each calling for different pricing, promotion and distribution decisions.

Giving a product a name, symbol or design that identifies it and distinguishes it from competitors, building recognition, trust and customer loyalty over time.

The added value a brand name gives to a product, reflected in customer preference, willingness to pay a premium and resistance to competitive offers.

A buyer's consistent preference for one brand over alternatives, shown by repeat purchase and reduced sensitivity to competitor promotions.

The container or wrapping used to protect a product, aid handling and storage, and carry information and promotional appeal at the point of sale.

The printed information on a product or its package, covering contents, quantity, price, warnings, manufacturing details and statutory declarations required by law.

Setting the amount a customer pays for a product, balancing cost recovery, competitor levels and the value perceived by the buyer against the firm's profit objectives.

Launching a product at a low price to attract buyers quickly and capture market share, accepting thin margins until volume builds.

Launching a new or innovative product at a high price to recover development costs from early adopters before lowering it as competition enters.

A reduction from list price allowed to intermediaries such as wholesalers and retailers in return for performing distribution functions and buying in bulk.

The chain of intermediaries - agents, wholesalers, retailers - through which goods move from producer to final consumer, adding time, place and possession utility.

The movement and storage of finished goods, covering transport, warehousing, inventory control and order processing so that products reach customers at the right time and place.

The wider planning and control of goods, information and funds from source of supply through to the final customer, aiming at service quality at lowest total cost.

The combination of advertising, sales promotion, personal selling, publicity and public relations a firm uses to communicate with and persuade its target market.

Any paid, non-personal presentation of ideas, goods or services by an identified sponsor, delivered through mass media to reach many buyers at once.

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

Unpaid communication about a product or firm carried by media because it is considered newsworthy, giving credibility but no control over content or timing.

Face-to-face or direct communication between a salesperson and a prospective buyer, allowing questions, tailored persuasion and immediate closing of the sale.

The skill of persuading a prospect to buy through knowledge of the product, understanding of the buyer's needs and effective two-way communication.

The structured steps a salesperson follows: prospecting, pre-approach, approach, presentation and demonstration, handling objections, closing and follow-up.

Searching for and identifying potential customers who have a need, the ability to pay and the authority to buy, forming the first step of the selling process.

Responding to a buyer's doubts or resistance during a sales presentation with clarification, evidence and reassurance so that the sale can move towards closing.

A trader who buys goods from producers or wholesalers and sells them in small quantities directly to final consumers, providing convenience of place and assortment.

An intermediary that buys goods in large quantities and resells them to retailers, other traders or institutional buyers, providing storage, breaking bulk and credit.

Planning, recruiting, training, motivating, supervising and evaluating a sales team so that selling effort meets the firm's targets efficiently.

A quantitative performance target set for a salesperson or territory over a period, used both to direct effort and to measure achievement.

Legal and institutional safeguards that shield buyers from unfair trade practices, defective goods and misleading claims, including rights to redress and complaint.

A promotional claim that creates a false impression about a product's quality, price, origin or performance, exposing the advertiser to legal action and penalties.

The standards of fair and honest conduct a marketer applies beyond legal minimums, covering truthful claims, privacy, pricing fairness and responsible targeting.