A cash acknowledgment is a notice sent to a cash buyer acknowledging receipt of their order. This notice may include an offer inviting the buyer to increase the purchase order and serves to reinforce positive feelings about the purchase and encourage future orders.
Closed stock refers to merchandise sold only in complete sets, where individual items from the set cannot be purchased separately, and there is no guarantee that replacements will be available in the future.
Cold calling is a sales strategy where a sales representative reaches out to potential customers who have not previously expressed interest in the product or service being sold. This method includes making unsolicited calls or visits to potential customers.
Hard sell refers to aggressive sales practices that aim to pressure a customer into completing a transaction quickly.
A group of targeted individuals or organizations identified by a company to be approached for sales presentations or funding requests.
A house account is managed directly by the main office or a high-ranking executive of a firm, rather than by individual sales representatives in specific territories.
The manufacturer's suggested retail price (MSRP) is the price at which a product maker recommends that a retailer sell the item to consumers. This pricing strategy aids in industry-standard pricing and maintains brand value.
The planning and activities involved in marketing the right merchandise or service at the right place, time, quantities, and price to stimulate sales through effective promotional strategies.
An original order represents the first order received from a particular customer. It is crucial to track the sources of original orders to effectively concentrate on the most productive channels for attracting new first-time buyers.
The assortment of merchandise made or held for sale by a business; a crucial element of marketing strategy.
The sales function is the section of an organization responsible for selling its products and services. It plays a critical role in driving revenue and maintaining business growth by managing customer relationships, identifying sales opportunities, and closing deals.
