glossary

'T'

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T-Account Close - A close that is based on the process which people use when they make a decision by weighing the pros against the cons.

Tagline - A short phrase used in advertising to help communicate the personality, positioning, and differentiating attributes of a brand; e.g., Nike's "Just do it!"

Tail - The payment stream and/or balloon payment of an income stream subsequent to another party's right and interest in the income stream. Usually the back half of the payment stream when another party has purchased the front half.                       

Tangible Personal Property - Personal property other than real estate, such as cars, boats, or other assets. 

Target-Profit Pricing - Some companies describe their pricing objective as the achievement of a satisfactory rate of return. The implication is that although another price might produce an even larger return over the long run, the firm is satisfied with the return that is conventional for the given level of investment and risk.

Task Behavior - Behavior that involves the leader describing the duties of an individual or group.

Tax Free Exchange - Sometimes called a Section 1231 Exchange. A provision in the Internal Revenue Code (Sec 1231) which allows a seller of business property to defer and transfer the gain on sale to another business property. This process is usually done through an instrument called a "Starker Trust".

Team Leader - The salesperson who co-ordinates all of the information, resource, and activities needed to support the customer before, during, and after the sale.

Team Selling - Brings together the appropriate people and resources needed to make the sales call.

Technical Skills - The understanding of, and proficiency in the performance of, specific tasks.

Technology Close - A close in which the seller uses technology to present information.

Telemarketing - A marketing communication system using telecommunication technology, and trained personnel, to conduct planned and measurable marketing activities directed at targeting groups of consumers.

Telephone Prospecting - The process of reaching potential customers over the phone.

Termination-At-Will Rule - The employer’s right to terminate sales personnel for poor performance, excessive absenteeism, unsafe conduct, and poor organizational citizenship.

Territorial Space - The area around oneself that a person will not allow another person to enter without consent.

Territory Manager - A person who plans, organizes, and executes activities which increase sales and profits in a given area.

Tie-In Promotions - Two or more brands or companies team up on coupons, refunds, and contests to increase pulling power.

Time Value of Money - Concept that addresses the way the value of money changes over a period of time. 

Title Commitment - A commitment on the part of the insurer, once a title search has been conducted, to provide the proposed insured with a title insurance policy upon closing. 

Title Insurance - Title insurance can benefit either the payor or the payee. Should the beneficiary suffer any damages due to clouded or false title to real estate, title insurance recompenses the damaged party to the extent of the damages. 

Title Policy - An insurance policy that insures a party against loss due to a defective title.

Third Party Answer - The technique of responding to an objection with testimony from authoritative sources.

Threats to Market Share- External factors or firms that can potentially reduce a companies market share.

When facing a major threat, the firm has 3 modes of adoption to choose from:

A.     Opposition - the firm can try to fight, restrain, or reverse the unfavorable development.  Opposition may be used to "buy" the time needed to make more fundamental adjustment.

B.     Modification - the firm can try to improve its environmental fit through changing its customer mix or marketing mix.

C.     Relocation - the firm can decide to shift to another market in which it can produce more value.

Total Market Potential - The maximum amount of sales (in units or dollars) that might be available to all the firms in an industry during a given period under a given level of industry marketing effort and given environmental conditions.  A common way to estimate it is as follows:

                        Q=n x q x p

                                    where:Q=total market potential

n=number of buyers in the specific product/market under   the given assumptions

q=quantity purchased by an average buyer

p=price

Total Quality Management (TQM) - A theme that infuses quality throughout every activity in a company.

Trade Advertising - Advertising undertaken by the manufacturer and directed toward the wholesaler or retailer.

Trade Discounts - Discounts on the list retail price offered to channel members.

Trade Promotion Tools - Manufacturers use a number of trade promotion tools. Manufacturers award money to the trade (1) to persuade the retailer or wholesaler to carry the brand; (2) to persuade the retailer or wholesaler to carry more units than the Norman amount; (3) to induce retailers to promote the brand by featuring, display, and price reductions; and (4) to stimulate retailers and their sales clerks to push the product. The growing power of large retailers has increased their ability to demand trade promotion at the expense of consumer promotion and advertising. These retailers depend on promotion money from the manufactures.

Trade-Relations Mix - In conceiving the tasks to b e performed by different channel members, the producer must also determine the mix of conditions and responsibilities that must be established among the channel members to get the tasks performed effectively. There is a mix.

• Price Policy - is one of the major elements. The producer usually establishes a list price and then allows discounts from it to various types of intermediate customers and possibly for various quantities purchased.

• Conditions of sale - refers to the payment terms and to producer guarantees. Most producers grant discounts to their distributors for early payment.

• Distributors' territorial rights - Distributors want to know where the producer intends to enfranchise other distributors.

• Mutual services and responsibility - is the fourth element of the trade-relations mix. These are likely to be comprehensive and well defined in franchised and exclusive-agency channels where the relations between producer and distributor is close.

Trademark - A brand or part of a brand that is given legal protection because it is capable of exclusive appropriation.

Trade Sales Promotion - A promotion that encourages resellers to purchase and aggressively sell a manufacturer’s products by offering incentives like sales contests, displays, special purchase prices, and free merchandise.

Trade Shows and Conventions - Industry associations organize annual trade shows and conventions. Business marketers may spend as much 35 percent of their annual promotion budget on trade shows. Participating vendors expect several benefits, including generating new sales leads, maintaining customer contacts, introducing new products, meeting new customers, selling more to present customers, and educating customers with publications, videos, and other audiovisual materials.

Trading Up - The process of a customer purchasing a higher quality product than originally planned, several products instead of one, or more of the same product.

Traffic Managers - Seek to minimize the freight bill. They prefer less-expensive modes of transportation and infrequent and large shipments.

Transaction Buyers - Buyers who see the product as very important to their operations.  They are price and service sensitive. They receive about a 10 percent discount and above-average service. They are knowledgeable about competitive offerings and are ready to switch for a better price, even at the sacrifice of some service.

Training - Deciding which methods to use, plus who to train, when, and where.

Transaction - A trade of values between two parties.

Transaction Selling - When a customer is sold a product and not contacted again.

Transients - Outside of the dominant channel and do not seek member ship.

Trial Balance Printout - A spreadsheet that lists all loans in a portfolio and their payment schedule. Usually required for a portfolio transaction.

Trial Close - A close that checks the attitude of your prospect toward the sales presentation.

Troubled Business - Is low in opportunities and high in threats.

Turbulent Environment - Is when major and unpredictable changes occur often.

Two-Step Flow-of-Communication Process - "Ideas often flow from radio and print to opinion leaders and from these to the less active sections of the population." If this hypothesis is true,

1. It states that mass media's influence on mass opinion is not as direct, powerful, and automatic as supposed.

2. It challenges the notion that persons are influenced in their consumption styles primarily from a "trickle-down" effect from the higher status classes.

3. The mass communicator may accomplish message dissemination more efficiently by using a lower advertising budget and directing it specifically at opinion leaders, letting them carry the message to others.

Two-Step Flow Model - A model that assumes that information flows form the media to network hubs and from them to "the rest of us".

Tying Agreement - Producers of a strong brand sometimes sell it to dealers only if they will take some or all of the rest of their line: Such tying agreements are not necessarily illegal, but they do violate US law if they tend to lessen competition substantially.

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