SALES 1 2.01 Vocab

Services

• Intangible activities that are performed by other people for money; productive acts that satisfy economic wants

• Tangible products that are manufactured and sold for profit

• Activities that do not require any form of payment

• Goods that are stored and sold in retail outlets

Benefit

• A disadvantage consumers face when using a product

• An advantage consumers receive from using a product

• A feature that is not useful to consumers

• A cost associated with purchasing a product

Want

• A desire for something that may or may not be required

• A need for something essential for survival

• A preference for something that is not necessary

• A request for something that is always given

Products

• Goods and services

• Items for sale only

• Only tangible items

• Only digital content

Product knowledge

• Information about a specific good or service that can be used in sales presentations

• General knowledge about the market trends

• Understanding customer preferences and behaviors

• Knowledge of competitor products and pricing

Retailer

• A business that buys consumer goods or services and sells them to the ultimate consumer

• A company that manufactures products for wholesale distribution

• An organization that provides services to other businesses

• A platform that connects buyers and sellers online

Utility

• Usefulness; capable of satisfying wants and needs

• A measure of the total satisfaction received from consuming a good or service

• The cost associated with producing a good or service

• A type of economic system that focuses on production and distribution

Economic flow

• The movement of resources from resource owners to producers and from producers to consumers

• The transfer of money between banks and financial institutions

• The process of investing in stocks and bonds

• The circulation of currency within a single economy

Ethics

• The basic principles that govern your behavior

• A set of laws enforced by the government

• Personal beliefs that vary from person to person

• Cultural norms that dictate social interactions

Need

• Something desired or wanted that is not essential

• Something required or essential that is lacking

• A temporary state of wanting something

• An unnecessary luxury item