Custom Selling

Cue – A technical term from psychological learning theory for the stimulus that impels some sort of action. An advertisement  may be a cue leading to desire for a purchase of a product.

Cultural Ecology – The study of process by which a society adapts to its environment by social transformation and evolutionary changes.

Cultural Environment – The aggregate of patterns and norms that regulate a society’s behavior including the values, beliefs, and customs that are shared and transmitted by the society.

Cultural Lag – The differences in the rates of change in various parts of the same culture, such as the relatively slow rate of acceptance of products or ideas by some market segments compared to others. It is also used to indicate the failure of a society to keep up with technological and the environmental changes in its economy, social, legal, and political policies.

Culture – As applied to a society, the design for living and adaptation to the environment specific for that society. It is the social heritage of man in that society. It includes the art, morals, customs, taboos, laws, beliefs, and knowledge evolved by man in that society.

Cume – Abbreviation for: cumulative audience. It is the number of unduplicated people to reached by a given schedule over a given period.

Cumulative Mark On – The total markon on the beginning inventory in any accounting period plus the aggregate purchase markon during the period, including additional markups, before any markdowns. It is the total cost and the total original retail value of all goods  handled to date , commonly express as a percentage of cumulative original retail.

Cumulative Mark-On Percent – The difference between the delivered cost of goods and the cumulative original selling prices, divided by the cumulative selling prices.

Cumulative Reach – Same as: Cume, although sometimes used to designate the total number of households reached by a medium during a certain time.

Cumulative Mark Up – The average percentage markup for the period. It is the total retail price minus cost divided by retail price.

Cumulative Quantity Discount – A reduction in the price to be paid purchases that exceeded a given level of volume over a specified period of time. This form of discount is also referred to as a deferred discount or a patronage discount.

Curiosity Approach – A method for approaching a prospect in which the sales person arouses the prospect interest by making a statement that piques the prospect’s curiosity.

Curiosity Headline – A headline designed to invite the reader to want to read further into the advertisement because his curiosity has been aroused.

Currency Devaluation – A reduction in the value of one currency vis-a-vis other currencies. Devaluation takes place when currency values adjust in foreign exchange markets in response to supply and demand pressure, or in the case of regulated currency rates, when the government decides to change the rate.

Currency Revaluation – An increase of the value of one currency vis-a-vis other currencies. Revaluation takes place when currency values adjust in foreign exchange markets in response to supply and demand pressure.

Current Population Survey – A monthly nationwide survey of scientifically selected sample of about 71,000 housing units in 729 areas, covering about 1,200 countries and cities in every state and the District of Columbia. The U.S. Bureau of the Census issues a series of publications on the results under the title Current Population Reports.

Cushion – An amount of inventory added to a basic amount to provide for a unanticipated increases in demand, unforeseen delays in delivery, one buyer’s purchasing an unusually large quantity, and other unpredictable factors. Used mainly retailing. See: Safety Stock

Custom Union – A market that is created when the countries agree to eliminate trade and tariff barriers among the participating countries and impose uniform tariffs on non-member countries. The custom union is an important element in a broader framework of economic integration.

Customary Pricing – The practice of establishing a price of a product or service and not changing it over a relatively long time. Prices are changed varying the quantity or quality of the product rather than the monetary value.

Customer – Someone who has bought a certain product or service from a source. Most often thought of as being a repeater. A customer may be a prospect for a product or service he has never before bought from that source.

Customer Franchise – A loyal product following by a group of customers. The product’s producer can count on repeat sales barring some unusual event in the market.

Customer Holdover Effect – A carryover effect evidenced by the continuing as customers into many subsequent periods of new customers made by a marketing expenditure in the present period.
See: Customer Retention Rate, Decay Rate

Customer Market – An inclusive term that encompasses the buyers of a firm’s offerings in any or all of its markets, e.g., Consumer, Industrial, institutional or governmental, and usually includes all middlemen.

Customer Market Focus – Policy creation by a Firm in recognition that buyers can accept or reject the firm’s offering. See: Consumer Sovereignty, Market Concept

Customer Price – The price of certain goods has become fixed not by deliberate action on the seller’s part, but as a result of having prevailed on the market for so long a time that customers have developed a habit of relating that price to that product. Changes in price of such items may sometimes be effected by changing the package quantity at the usual price.

Customer Profile – A demographic description of the people who buy a brand. Will probably include their purchasing patterns.

Customer Retention Rate – The converse of the decay rate.

Customer Satisfaction – The degree to which there is match between the customer’s expectations of the product and the actual performance of the product. Expectations are formed based on information consumers receive from salespersons, friends, family, opinion leaders, etc., as well as past experience with the product. This is an important measure of the ability of a firm to successfully meet the needs of its customer.

Customer Service – 1. (physical distribution definition) A customer-oriented corporate philosophy that integrates and manages all of the elements of the customer interface within a predetermined cost-service mix. 2. (Product development definition) The identifiable, but essentially intangible, activities that are offered by a seller in conjunction with a product, such as delivery and repair. These activities may be priced separately, but usually are not, and are provided only with a product that is being sold. These activities are not to be confused with intangible products (services), the types of products for which the activity is the primary purpose of a sale. The sale of service products may be accompanied by the provision of customer services, an example being the courteous treatment a bank client receives when entering the lobby for the purchase of any of several service products such as check cashing or a loan. 3. (retailing definition) The set of retail activities that increase the value customers receive when they shop and purchase merchandise.

Customers Service Level – The measure of the efficiency of service to customers, using a time base considered ideal as the 100% level and comparing it with average times for accomplishing various services to arrive at a percent of the ideal level.

Customer Switching Costs – The costs that tend to tie buyers to one supplier. these costs tend to be high when the product is durable or specialized, when the customer has invested a lot of time and energy in learning how to use the product, or when to customer has made special-purpose investments that are useless everywhere.

Custom Selling – A form of Creative Selling in which at least part of a product or service is designed especially for a particular prospect, for example, new cabinetry for a household kitchen.

Customs BrokerA licensed individual or firm engaged in handling for fee all the necessary steps, procedures, and papers to obtain clearance of goods through customs. May be applicable to import or export business, domestic or foreign.

Customization -Tailoring the product to the special and unique needs of the customer. Each buyer is potentially a unique segment.

Customized Sales Presentation – A sales presentation developed from a detailed analysis or survey of the specific prospect’s needs.

Cut (1) The engraving used to reproduce a printed illustration. (2) To delete portions of copy or program material. (3) An abrupt stop in a broadcast program. (4) An instant switch from one television picture to another without fading. See: Opticals

Cut -Case Display – A shipping carton so designed that when cut as indicated on it a shelf tray is formed which shows the name of the variety and producer. Commonly used in supermarkets as provided by the makers of canned soups.

Cut-In – An instance in which a broadcast medium substitutes in one station a commercial different from the one used in the network.

Cutthroat Competition – The temporary reduction of prices, often to unreasonable levels, such as below costs, for the purpose of eliminating competitors so as to be able to control a product’s or service’s price.

C.W.O. – Abbreviation for: cash-wit-order-terms. Used in a situation where there is danger that the buyer may refuse to accept and pay for a C.O.D. Shipment and the buyer does not qualify for credit terms.

Cybernetics – The science of control system in which internal feedback determines the activity within the system. Many complex activities are constructed today using this principle. A simple but good example is a refrigerator in which the feedback to the compressor switch from the thermostat starts or stops according to the temperature inside the refrigerator. The inside temperature is adjustable by the operator by resetting the thermostat.

Cyclical Business – A business in which sales and profits are determined largely by the fluctuations of business conditions or the business cycle.

Cycle Billing – A method of distributing the statement sending effort over the month. Used when first-of-the-month or any same-date sending of statements imposes an unnecessary burden on the system. Under this method the entire customer group is divided into manageable units and customers in each unit are sent statements on their same day each month.

 

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