Entrepreneurship Chapter 6 - Distribution, Promotion, and Selling

rational buying decision

A choice made in an organized, logical manner, so that it will most likely fulfill your need or want

channels of distribution

Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user

publicity

a nonpaid form of communication that calls attention to your business through media coverage

rebate

a refund offered to people who purchase a product

press release

a written statement meant to inform the media of an event or product

mass media

any means of communication that reaches very large numbers of people

advertising

any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor

emotional buying decisions

based on the desire to have a specific product or service

personal selling

direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services

physical distribution

includes transportation, storage, handling, and packaging of products within a channel of distribution

visual marketing

involves the use of visual media to promote, sell, and distribute a product or service to a targeted audience

distribution

is an important component of supply chain management that involves the locations and methods used to make products and serves available to customers

direct channel

moves the product directly from the manufacturer to the consumer

sales promotion

Short-term incentives to encourage the purchase or sale of a product or service

public relations

the act of establishing a favorable relationship with customers and the general public

Supply Chain Management

the coordination of manufacturers, suppliers, and retailers working together to meet a customer need for a product or service

intellectual property

the original, creative work of an artist or inventor, including such things as songs, novels, artistic designs, and inventions

indirect channel

uses intermediaries- people or businesses that move products between the manufacturer and the consumer

telemarketing

using the telephone to sell directly to customers