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GLOSARIO

LAURA NATHALIE NAVA CAMARGO

Informe Final

Sandra Patricia Ochoa Guevara Docente ECCI

UNIVERSIDAD ECCI PROGRAMA LENGUAS MODERNAS BOGOTÁ AÑO 2014


Tabla de contenido A product demonstration: ............................................................................................................... 6 Adversiting: ..................................................................................................................................... 6 Advertising agency: ......................................................................................................................... 6 BCG growth share matrix: ............................................................................................................... 6 Brand: .............................................................................................................................................. 6 Budget: ............................................................................................................................................ 6 Capitalism: ....................................................................................................................................... 6 Catalog: ........................................................................................................................................... 7 Catch word: ..................................................................................................................................... 7 Claims on sales: ............................................................................................................................... 7 Complementary products: .............................................................................................................. 7 Consumables: .................................................................................................................................. 7 Consumer price index: .................................................................................................................... 7 Consumer: ....................................................................................................................................... 7 Container: ........................................................................................................................................ 7 Customer: ........................................................................................................................................ 7 Deficit: ............................................................................................................................................. 7 Demographic environment: ............................................................................................................ 7 Derivative: ....................................................................................................................................... 8 Developed for competition: ............................................................................................................ 8 Developed gift: ................................................................................................................................ 8 Developed samples: ........................................................................................................................ 8 Discounts: ........................................................................................................................................ 8 Display of a product: ....................................................................................................................... 8 Distribution channel: ....................................................................................................................... 8 Distribution: .................................................................................................................................... 8 Drug formulary: ............................................................................................................................... 9 Duopoly: .......................................................................................................................................... 9 Economic activity: ........................................................................................................................... 9 Economic situation: ......................................................................................................................... 9 Economy: ......................................................................................................................................... 9


Electronic marketplace: .................................................................................................................. 9 Empowerment: ............................................................................................................................... 9 Exclusive distribution: ..................................................................................................................... 9 Feudalism: ....................................................................................................................................... 9 General theory of prices: .............................................................................................................. 10 Growth of a product:..................................................................................................................... 10 Inflation: ........................................................................................................................................ 10 Intangible: ..................................................................................................................................... 10 Interest: ......................................................................................................................................... 10 Intermediaries: .............................................................................................................................. 10 Label: ............................................................................................................................................. 11 Logistics: ........................................................................................................................................ 11 Market equilibrium: ...................................................................................................................... 11 Market research: ........................................................................................................................... 11 Market segmentation:................................................................................................................... 11 Market: .......................................................................................................................................... 11 Marketing: ..................................................................................................................................... 11 Marketing mix: .............................................................................................................................. 11 Marketing plan: ............................................................................................................................. 11 Marketplace: ................................................................................................................................. 12 Mass distribution: ......................................................................................................................... 12 Maslow pyramid:........................................................................................................................... 12 Merchandising:.............................................................................................................................. 12 Monopoly: ..................................................................................................................................... 12 Needs: ........................................................................................................................................... 13 NTIC: .............................................................................................................................................. 13 Objection: ...................................................................................................................................... 13 Operating cost: .............................................................................................................................. 13 Product life cycle: .......................................................................................................................... 13 Packaging: ..................................................................................................................................... 13 Packing: ......................................................................................................................................... 13 Per capita: ..................................................................................................................................... 13


Perishable: ..................................................................................................................................... 14 Planning: ........................................................................................................................................ 14 Point of purchase: ......................................................................................................................... 14 Price cut:........................................................................................................................................ 14 Price skimming: ............................................................................................................................. 14 Product line: .................................................................................................................................. 14 Product offering: ........................................................................................................................... 14 Product price index: ...................................................................................................................... 14 Product: ......................................................................................................................................... 15 Products in Package: ..................................................................................................................... 15 Promotion: .................................................................................................................................... 15 Prospect: ....................................................................................................................................... 15 Psychographic environment: ........................................................................................................ 15 Quality policy:................................................................................................................................ 15 Real client: ..................................................................................................................................... 15 Research methodology: ................................................................................................................ 15 Retailer: ......................................................................................................................................... 15 Sale price: ...................................................................................................................................... 16 Sales promotion: ........................................................................................................................... 16 Sales stages: .................................................................................................................................. 16 Sales: ............................................................................................................................................. 16 Scientific method: ......................................................................................................................... 16 Selective distribution: ................................................................................................................... 16 Services: ........................................................................................................................................ 16 Slavery: .......................................................................................................................................... 16 Slogan: ........................................................................................................................................... 16 Socialism:....................................................................................................................................... 16 Stagflation: .................................................................................................................................... 17 Strategies:...................................................................................................................................... 17 Surplus: .......................................................................................................................................... 17 Tangible product: .......................................................................................................................... 17 Tasting product: ........................................................................................................................... 17


Telemarketing: .............................................................................................................................. 17 TOWS:............................................................................................................................................ 17 Vocabulary in sales: ....................................................................................................................... 17


A product demonstration: Sales promotion method that shows the performance of a product in actual use conditions, or encourages trial purchase and use of the product for evaluation by the customer.

Adversiting:The activity or profession of producing information for promoting the sale of commercial products or services.

Advertising agency: Firm that creates new promotional ideas, designs print, radio, television, and internet advertisements, books advertisement space and time, plans and conducts advertising campaigns, commissions research and surveys, and provides other such services that help a client in entering and succeeding in a chosen market. In general, advertising agencies are not deemed agents of the advertisers, because they act as principals for the services they buy on behalf of their clients.

BCG growth share matrix: A planning model developed by Bruce Henderson of the Boston Consulting Group (BCG) in the 1970s. The model compares each business unit of a company against its main competitor in terms of market growth and market share. Business units are divided into four categories. "Dogs" have low market share and low market growth. They are candidates for divestiture. "Question marks" have high market growth but low market share. They should be watched carefully to see if their competitive position improves. "Stars" have high market growth and high market share. They generate large amounts of cash, but they also require large investments to maintain their growth. "Cash cows" have large market share in a mature. They generate a large part of the company's income.

Brand: Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors. Over time, this image becomes associated with a level of credibility, quality, and satisfaction in the consumer's mind (see positioning). Thus brands help harried consumers in crowded and complex marketplace, by standing for certain benefits and value. Legal for a brand is trademark and, when it identifies or represents a firm, it is called a brand name.

Budget: An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals.

Capitalism:

Economic system characterized by the following: private property ownership exists; individuals and companies are allowed to compete for their own economic gain; and free market forces determine the prices of goods and services. Such a system is based


on the premise of separating the state and business activities. Capitalists believe that markets are efficient and should thus function without interference, and the role of the state is to regulate and protect. Catalog: Direct selling method in which merchandise from several vendors, or several items from the same vendor, are presented to prospective buyers via mail or internet.

Catch word: One or more words printed on the top of the page of a reference work to guide the reader in locating the word he or she is looking for. In some arrangements (as in pocket book dictionaries) the left-hand page repeats the first word on that page, and the right-hand page repeats the last word on that page. In other arrangements (such as large dictionaries with fine print) each page repeats the first and the last word(s) on that page.

Claims on sales: The fulfillment by an insurer of its obligation to receive, investigate and act on a claim filed by an insured. It involves multiple administrative and customer service layers that includes review, investigation, adjustment (if necessary), remittance or denial of the claim.

Complementary products: Method in which one of the complementary products (shaving razor, for example) is priced to achieve maximum sales volume, (without cost or profit considerations) to stimulate the demand for the other product (razor blades). The objective is to generate a level of profit that adequately covers losses sustained by the first product. Consumables: Goods which used up (not returned) after issuance from stores, become incorporated into other goods and lose their identity, or cannot be used for their intended purpose without extinguishing or transforming their substance. Consumer price index: An economic metric that measures prices for a basket of goods and services sold to urban customers. The index is considered a more accurate record of prices due to higher population density within the sales area. Consumer: An end user, and not necessarily a purchaser, in the distribution chain of a good or service.

Container: a box, bottle, can, etc. which can hold goods Customer: A party that receives or consumes products (goods or services) and has the ability to choose between different products and suppliers. See also buyer.

Deficit: Ex cess of expenses over income or liabilities over assets. Demographic environment: The demographic factors of the market in which an organization operates, and which are used to segment the target population for effective marketing.


Derivative: Contract to buy or sell an asset or exchange cash, based on a specified condition, event, occurrence, or another contract.

Developed for competition: Promotional scheme in which (unlike in a sweepstake) participants compete for prizes by accomplishing something that requires skill. Although (unlike in a lottery) no fee is charged for participating in a contest, a certain number of proof-of-purchase tokens (such as bottle caps or empty packages) are often required to accompany each entry.

Developed gift: An economy based on giving in the context of relationship rather than making transactions simply for profit or personal material gain. This is in contrast to barter or commercial economies which rely on exchange of goods or labor for money - or for goods and labor of equal monetary value. Altruism is sometimes viewed as the basis for spreading wealth throughout a gift economy. However, the individual giver actually benefits indirectly. For example, social status and support in times of need may be obtained by those who give to others in the group or community. Most economies rely on both commercial aspects such as paid work and gift aspects such as volunteer or unpaid work.

Developed samples: Entities or observations randomly selected to represent the behavior and characteristics of the entire group (batch, group, population, or universe) they are associated with or from which they are drawn. See also statistical sample.

Discounts: Lower-than-normal price offered as incentive to buyers to make out-ofseason purchases for seasonal goods or services.

Display of a product: In-store display in which a product (or group of products) is positioned in the middle of the store or at the end of an isle away from competing products.

Distribution channel: The path through which goods and services travel from the vendor to the consumer or payments for those products travel from the consumer to the vendor. A distribution channel can be as short as a direct transaction from the vendor to the consumer, or may include several interconnected intermediaries along the way such as wholesalers, distributers, agents and retailers. Each intermediary receives the item at one pricing point and movies it to the next higher pricing point until it reaches the final buyer. Coffee does not reach the consumer before first going through a channel involving the farmer, exporter, importer, distributor and the retailer. Distribution: The movement of goods and services from the source through a distribution channel, right up to the final customer, consumer, or user, and the movement of payment in the opposite direction, right up to the original producer or supplier.


Drug formulary: A list of approved prescription medications that the plan will cover and that will be distributed from affiliated pharmacies.

Duopoly: Market situation in which only sellers supply a particular commodity to many buyers. Either seller can exert some control over the output and prices, but must consider the reaction of its sole competitor (unless both have formed an illegal collusive duopoly).

Economic activity: Actions that involve the production, distribution and consumption of goods and services at all levels within a society. Gross domestic product or GDP is one way of assessing economic activity, and the degree of current economic activity and forecasts for its future level can significantly impact business activity and profits, as well as inflation and interest rates.

Economic situation: Status of a country's financial position at a specific period of time. May be defined through use of statistics involving unemployment rates, stock market data, and GDP information, among other metrics.

Economy: An entire network of producers, distributors, and consumers of goods and services in a local, regional, or national community.

Electronic marketplace: Virtual, online environment (a website, for example) that allows individuals or firms to conduct business electronically. Empowerment is based on the idea that giving employees skills, resources, authority, opportunity, motivation, as well holding them responsible and accountable for outcomes of their actions, will contribute to their competence and satisfaction.

Empowerment: A management practice of sharing information, rewards, and power with employees so that they can take initiative and make decisions to solve problems and improve service and performance.

Exclusive distribution: Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product. For example, Apple had an exclusive distribution deal with AT&T to provide the iPhone to consumers.

Feudalism: A political and economic system of Europe from the 9th to about the 15th century, based on the holding of all land in fief or fee and the resulting relation of lord to vassal and characterized by homage, legal and military service of tenants, and forfeiture.


General theory of prices: Stock market analysis theory that stock prices (and the capital markets in general) follow a pattern-less (random) path such as that of a drunkard's walk. Therefore, their future course is unpredictable and the best forecast of a stock's price is equal to its present value plus an unpredictable negative or positive random error. Proposed in 1900 by the French mathematician Louis Bacheiler it is explained as a Markov process, and is an antithesis of technical analysis. See also Brownian motion.

Growth of a product: A marketing tool that outlines the different strategies a company can use in order to increase market share or introduce a new product. The strategy that a company uses depends on whether or not a company or product is already present in a market. The four main strategies are market penetration, product development, market development and diversification.

Inflation: A sustained, rapid increase in prices, as measured by some broad index (such as Consumer Price Index) over months or years, and mirrored in the correspondingly decreasing purchasing power of the currency. It has its worst effect on the fixed-wage earners, and is a disincentive to save.

Intangible: That cannot be assessed, felt, measured, or moved because it has no physical substance. Interest on all debt is normally deductible before taxes are assessed on a company's income. Corporate legislation requires disclosure of interest payable on loans, and companies often show a single interest figure in the income statement while providing details in a note that may also include netting out of interest received or some other adjustments. In cost accounting, interest is normally excluded from cost computations on the grounds that (being a payment for capital) it is equivalent to dividend, and hence is a finance item and not a cost item. The rate of interest is usually expressed as an annual percentage of the principal, and is influenced by the money supply, fiscal policy, amount being borrowed, creditworthiness of the borrower, and rate of inflation. the two types of interest are simple interest and compound interest.

Interest: A fee paid for the use of another party's money. To the borrower it is the cost of renting money, to the lender the income from lending it.

Intermediaries: Firm or person (such as a broker or consultant) who acts as a mediator on a link between parties to a business deal, investment decision, negotiation, etc. In money markets, for example, banks act as intermediaries between depositors seeking interest income and borrowers seeking debt capital. Intermediaries usually specialize in specific areas, and serve as a conduit for market and other types of information. Also called a middleman. See also intermediation.


Label: Pictorial, descriptive, or informative matter (such as a brand, mark, or tag), attached, embossed, impressed, marked, printed, or stenciled on (or otherwise forming a part of) a product and/or its container.

Logistics: Planning, execution, and control of the procurement, movement, and stationing of personnel, material, and other resources to achieve the objectives of a campaign, plan, project, or strategy. It may be defined as the 'management of inventory in motion and at rest.'

Market equilibrium: A situation in which the supply of an item is exactly equal to its demand. Since there is neither surplus nor shortage in the market, price tends to remain stable in this situation.

Market research: Component of marketing research whereby a specific market is identified and its size and other characteristics are measured. Used also as an alternative term for marketing research.

Market segmentation: The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.

Market: Is any place where the sellers of a particular good or service can meet with the buyers of that goods and service where there is a potential for a transaction to take place. The buyers must have something they can offer in exchange for there to be a potential transaction.

Marketing: it is a business and social process thanks to which certain groups or individuals get what you need or want to exchange through the products or services.

Marketing mix: A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion. These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income. Sometimes the first P (Product) is substituted by presentation.

Marketing plan: Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating


an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed action programs, budgets, sales forecasts, strategies, and projected (preform) financial statements.

Marketplace: In business, the marketplace refers to the activity of buying and selling products. Is there enough demand in the marketplace for a product at this price?

Mass distribution: An attempt to appeal to an entire market with one basic marketing strategy utilizing mass distribution and mass media. Also called undifferentiated marketing.

Maslow pyramid: Motivation theory which suggests five interdependent levels of basic human needs (motivators) that must be satisfied in a strict sequence starting with the lowest level. Physiological needs for survival (to stay alive and reproduce) and security (to feel safe) are the most fundamental and most pressing needs. They are followed by social needs (for love and belonging) and self-esteem needs (to feel worthy, respected, and have status). The final and highest level needs are self-actualization needs (self-fulfillment and achievement). Its underlying theme is that human beings ‘want' beings: as they satisfy one need the next emerges on its own and demands satisfaction ... and so on until the need for self-actualization that, by its very nature, cannot be fully satisfied and thus does not generate more needs. This theory states that once a need is satisfied, it stops being a motivator of human beings. In personnel management, it is used in design of incentive schemes. In marketing, it is used in design of promotional campaigns based on the perceived needs of a market segment a product satisfies.

Merchandising: The activity of promoting the sale of goods at retail. Merchandising activities may include display techniques, free samples, on-thespot demonstration, pricing, shelf talkers, special offers, and other point-ofsale methods. According to American Marketing Association, merchandising encompasses "planning involved in marketing the right merchandise or service at the right place, at the right time, in the right quantities, and at the right price."

Monopoly: Market situation where one producer (or a group of producers acting in concert) controls supply of a good or service, and where the entry of new producers is prevented or highly restricted. Monopolist firms (in their attempt to maximize profits) keep the price high and restrict the output, and show little or no responsiveness to the needs of their customers. Although monopolies exist in varying degrees (due to copyrights, patents, access to materials, exclusive technologies, or unfair trade practices) almost no firm has a complete monopoly in the era of globalization.


Needs: A driver of human action which marketers try to identify, emphasize, and satisfy,

and

around

which

promotional

efforts

are organized.

NTIC: all that is related to the internet and the interplay between technology, images and sound. In fact, the definition of new media changes daily, and will continue to do so. New media evolves and morphs continuously. What it will be tomorrow is virtually unpredictable for most of us, but we do know that it will continue to evolve in fast and furious ways. However, in order to understand an extremely complex and amorphous concept we need a base line.

Objection: Formal protest or disapproval of something that has been said, has occurred, or is about to occur.

Operating cost: Cost per unit of a product or service, or the annual cost incurred on a continuous process. Operating costs do not include capital outlays or the costs incurred in design and implementation phases of a new process.

Product life cycle: Four distinct but not whollypredictable stages every product goes through from its introduction to withdrawal from the market: (1) introduction, (2) growth in sales revenue, (3) maturity, during which sales revenue stabilizes, and (4) decline, when sales revenue starts to fall and eventually vanishes or becomes too little to be viable. As a product moves through these stages, its pricing, promotion, packaging, and distribution are reevaluated and changed if required to prolong its life. In summary, it is the journey from "new and exciting" to "old and dated." One of the most important administrative tools, a budget serves also as a plan of action for achieving quantified objectives, standard for measuring performance, and device for coping with foreseeable adverse situations.

Packaging: Processes (such as cleaning, drying, preserving) and materials (such as glass, metal, paper or paperboard, plastic) employed to contain, handle, protect, and/or transport an article. Role of packaging is broadening and may include functions such as to attract attention, assist in promotion, provide machine identification (barcodes, etc.), impart essential or additional information, and help in utilization. See also packing.

Packing: Preparation of product or commodity for proper storage and/or transportation. It may entail blocking, bracing, cushioning, marking, sealing, strapping, weather proofing, wrapping, etc.

Per capita: Is just a fancy way to say per person. Capita in Latin means "head," so literally per capita means "by the head." Per capita is a useful way to determine


what measurement means for each individual. This measurement allows you to compare the statistics of countries with different sizes. The two most commonly used indices are GDP per capita and GNI per capita.

Perishable: Article that can lose its usefulness and value if not appropriately stored or transported, or if not utilized within certain period.

Planning: A basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources. The planning process identifies the goals or objectives to be achieved, formulates strategies to achieve them, arranges or creates the means required, and implements, directs, and monitors all steps in their proper sequence.

Point of purchase: Point at which a sale is made, the ownership (and usually the possession) is transferred from the seller to the buyer, and indirect taxes (such as VAT) become payable. Commonly, a retail outlet.

Price cut: sold at a cheaper price than usual. Price skimming: An approach under which a producer sets a high price for a new high-end product (such as an expensive perfume) or a uniquely differentiated technical product (such as one-of-a-kind software or a very advanced computer). Its objective is to obtain maximum revenue from the market before substitutes products appear. After that is accomplished, the producer can lower the price drastically to capture the low- buyers and to thwart the copycat competitors.

Principles: Fundamental norms, rules, or values that represent what is desirable and positive for a person, group, organization, or community, and help it in determining the rightfulness or wrongfulness of its actions. Principles are more basic than policy and objectives, and are meant to govern both.

Product line: a series of different products which form a group, all made by the same company

Product offering: the offer of a free gift or the sale of another product at a discount, made when a product is bought, usually against proof of purchase. The intention is to encourage the customer to adopt the brand, and at the same time to cover the cost of the offer and reduce overall promotional costs for the product.

Product price index: Indicator of the changes in the wholesale prices of a basket of raw materials and semi-finished goods used as inputs (but not any services) over a specific period. PPI is considered a leading indicator of consumer price index (CPI) because as the input prices rise they will


be (to a certain degree) reflected in the consumer prices.

Product:

A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, us es) that a seller offers a buyer for purchase. For example a seller of a toothbrush not only offers the physical product but also the idea that the consumer will be improving the health of their teeth.

Products in Package: The level of a consumer's interest in purchasing a certain product type and how committed they are to purchasing a given brand. Product involvement by consumers tends to be greater for goods that have a higher cost and are bought after considerable research and thought such as cars and computers. Promotion: The advancement of a product, idea, or point of view through publicity or advertising.

Prospect: Potential customer or client qualified on the basis or his or her buying authority, financial capacity, and willingness to buy. Also called sales lead.

Psychographic environment: Analysis of consumer lifestyles to create a detailed customer profile. Market researchers conduct psychographic research by asking consumers to agree or disagree with activities, interests, opinions statements. Results of this exercise are combined with geographic (place of work or residence) and demographic (age, education, occupation, etc.) characteristics to develop a more 'lifelike' portrait of the targeted consumer segment. Quality policy: Top management's expression of its intentions, direction, and aims regarding quality of its products and processes.

Real client: The real or perceived value that a customer experiences or believes he is receiving through interaction with a company. Benefits may include resolution of a problem, achievement of a desired outcome or fulfillment of a need through a purchase; a feeling of confidence following purchase; or satisfaction with post-purchase service.

Research methodology: The process used to collect information and data for the purpose of making business decisions. The methodology may include publication research, interviews, surveys and other research techniques, and could include both present and historical information.

Retailer: A business or person that sells goods to the consumer, as opposed to a wholesaler or supplier, who normally sell their goods to another business.


Sale price: The discounted price of an item from the regular selling price. (Cost + more expect utility)

Sales promotion: Stimulation of sales achieved through contests, demonstrations, discounts, exhibitions or trade shows, games, giveaways, point-of-sale displays and merchandising, special offers, and similar activities.

Sales stages: First stage in a product's life cycle. This is the point of product launch, market entry, and user-trial by the innovators. At this stage (while there is little or no competition) sales are slow and difficult, and the manufacture must incur heavy promotional expenditure to 'educate' the public. The main objective here is to generate primary demand (demand for the product class) instead of the selective demand (demand for a specific brand). Prices may be set high to cream the market (skimming strategy) before imitators appear, or set low to deter imitators with skimpy margins (penetration strategy).

Sales: The activity or business of selling products or services. Scientific method: Rigorous, systematic approach, designed to eliminate bias and other subjective influences in the search, identification, and measurement or validation of facts and cause-effect relationships, and from which scientific laws may be deduced.

Selective distribution: Type of product distribution that lies between intensive distribution and exclusive distribution, and in which only a few retail outlets cover a specific geographical area. Considered more suitable for high-end items such as 'designer' or prestige goods.

Services:

Intangible products such as accounting, banking, cleaning, consultancy, education, insurance, expertise, medical treatment, or transportation.

Slavery: Is an economic system. the state or condition of being a slave; a civil relationship whereby one person has absolute power over another and controls his life, liberty, and fortune

Slogan: Simple and catchy phrase accompanying a logo or brand, that encapsulates a product's appeal or the mission of a firm and makes it more memorable. And which (when used consistently over a long period), becomes an important component of its identification or image.

Socialism:

Economic system which is based on cooperation than competition and which utilizes centralized planning and distribution.

rather


Stagflation: Stagnation accompanied by inflation. It is an economic anomaly where high unemployment (due to economic stagnation) is accompanied by high inflation (instead of low inflation due to falling demand). Triggered first in 1973 by the OPEC's four-fold increase in oil prices (which raised all prices, thus slowing economic growth) it was exacerbated by traditional fiscal and monetary policies with which the governments tried to reduce unemployment levels.

Strategies: A method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem.

Surplus: Extent to which generation of goods, services, and resources (such as capital) exceeds their consumption. Surplus of resources is the bedrock on which capitalism is built.

Tangible product: A physical item that can be perceived by the sense of touch. Examples of a tangible product include cars, food items, computers, telephones, etc. Many businesses also need to provide packaging for a tangible product to provide protection during its transportation to a retail location.

Tasting product: An event where you can taste small amounts of different foods and drinks todecide if you like them.

Telemarketing: Contacting, qualifying, and canvassing prospective customers using telecommunications devices such as telephone, fax, and internet. It does not include direct mail marketing.

TOWS: The TOWS (threats, opportunities, weaknesses, strengths) matrix is a twocell by two-cell matrix that assists companies in determining strategic alternatives by examining external opportunities and threats and how they compare to a company’s existing strengths and weaknesses. All the threats, opportunities, weaknesses and strengths are listed on the outside of the matrix and compared within each cell. The TOWS matrix is used for strategic planning and helps marketers identify opportunities and threats and measure them against internal strengths and weaknesses.

Vocabulary in sales: Inquiry, referral, or other information, obtained through advertisements or other means, that identifies a potential customer (prospect).


Wholesaler: Person or firm that buys large quantity of goods from various producers or vendors, warehouses them, and resells to retailers. Wholesalers who carry only non-competing goods or lines are called distributors.


Glosario