E-commerce and Business Terms Glossary
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After sales service | Service that continues after the sale of a product (maintenance, etc.) |
Agent | Person or company that acts for another and provides a specified service. |
B2B e-commerce | Business to business e-commerce: |
B2C e-commerce | Business to consumer e-commerce: |
Benchmarking | Comparing one's products to those of competitors in order to improve quality and performance. |
Buyer | 1) Any person who makes a purchase. |
Cash refund offer | Offer to pay back the purchase price of a product to customers who are not satisfied and send a 'proof of purchase' to the manufacturer. |
Chain store | Two or more shops or outlets that have the same owner and sell similar lines of merchandise. |
Client | A person who buys services or advice from a lawyer, an accountant or other professional. |
Close | Finalise or conclude a sale or deal. |
Convenience store | Small shop located near a residential area that opens long hours, seven days a week. |
Coupon | A voucher offering a discount to customers when they purchase a specific product. |
Deal | A business transaction. |
Department store | A large shop or store that carries a wide variety of product lines. |
Direct investment | Entering a foreign market by setting up assembly or manufacturing facilities in that country. |
Discount | A reduction in price. |
E-commerce | Buying and selling on the Internet. |
E-marketing | Promoting products and services over the Internet. |
Extranet | Network that connects a company with its suppliers and distributors. |
Follow-up | Maintain contact after the sale to ensure customer satisfaction. |
Franchise | Association between a manufacturer or wholesaler (franchiser) and an independent business person (franchisee) who buys the right to own and operate a unit in the franchise system. |
Guarantee | A promise that the product will be repaired or replaced if faulty. |
Intranet | A network that connects people to each other within a company. |
Joint venture | A way of entering a foreign market by joining with a foreign company to manufacture or market a product or service. |
Market leader | The company with the largest market share in an industry. |
Mark up | Percentage of the price added to the cost to reach a selling price. |
Opinion leader | Person with a reference, who, because of competence, knowledge, or other characteristics, exerts influence on others. |
Packaging | Designing and producing the container or wrapper for a product. |
Product line | A group of products that are closely related. |
Prespect | A potential customer. |
Representative | A person who represents and sells for a company. |
Retail | To sell in small quantities, as in a shop, directly to customers. |
Shopping centre | Group or complex of shops with a common area for cars to park. |
Telephone marketing | Using the telephone to sell directly to customers. |
Trade fair | An exhibition at which companies in a specific industry can show or demonstrate their products. |
Viral marketing | The Internet version of word-of-mouth marketing: email messages that customers pass on to friends. |
Wholesale | To sell goods in large quantities at low prices to those buying for resale (e.g. a shop) or for business use. |