An account executive (AE) is responsible for managing client relationships within an organization, serving as the primary contact point, ensuring customer satisfaction, and overseeing the delivery of services.
Paid message communicated through various media by industry, business firms, nonprofit organizations, or individuals to influence purchasing behavior and/or thought patterns of the audience.
An agreement is a mutual understanding between two or more competent parties that creates a commitment or an obligation, often forming the basis for a contract.
A commission is a fee paid to an intermediary for facilitating a transaction, typically calculated as a percentage of the sale value. It can be paid by the seller, buyer, or shared between them, and finds applications across various markets such as real estate, commodities, and advertising.
A customer is an individual or entity that purchases goods or services from a business or organization. Customers are the primary source of revenue for businesses and play a critical role in the success and growth of any company.
A large retail establishment offering a wide range of consumer goods in various product categories known as 'departments.'
An inventory decision model used to calculate the optimum amount to order, balancing the fixed costs of ordering and receiving against the carrying cost of inventory and sales. Utilized in both manufacturing and retail inventory management.
An agent employed to sell goods or merchandise consigned or delivered to him by or for his principal for compensation.
A ratio that measures an organization's activity over a period by calculating the number of times the sales are a multiple of the balance-sheet value of the fixed assets.
A designated period during which salespeople, especially in real estate, are required to stay in the office to handle inquiries from prospective clients who do not have an existing relationship with the firm.
A function in accounting refers to a specific section or department of an organization that carries out discrete activities managed by a director or manager. Functional budgets are often created for these sections. Examples include production, sales, finance, and personnel.
Goods refer to commodities or items of commerce that are tangible and physical, and can be owned, sold, or exchanged in the marketplace, excluding real estate, choses in action, investment securities, or similar items.
An Internal Control Questionnaire (ICQ) is a structured document used by auditors to evaluate the effectiveness of an organization's internal control system. By answering tailored questions, auditors can identify strengths and weaknesses within different operational cycles.
A ledger account is a record in a ledger where all the financial transactions pertaining to a specific person, item, or activity (such as a debtor or stock item) are documented.
Line function refers to activities or roles that directly contribute to the primary output of an organization. In service organizations, line functions typically encompass areas like operations and sales.
Marginal revenue is the additional income that accrues to an organization as the result of selling an extra unit of sales. It is a critical metric for businesses in understanding the profitability impact of their incremental sales decisions.
Merchandise Control involves the systematic process of collecting and evaluating data on all aspects of each retail merchandise category, including sales, costs, shrinkage, profits, and turnover. This process helps retailers maintain accurate inventory and optimize their merchandising strategies.
A short-range marketing strategy aimed at extracting the largest possible profit from an item in the shortest possible time, typically without considering the item’s long-range sales potential.
An order taker is a sales representative who primarily receives and processes customer orders without actively promoting or recommending products through sales presentations.
A Point of Sale (POS) is the location where a purchase transaction occurs between a consumer and a business, finalizing the sale of goods or services.
Profitability and profitability ratios are essential metrics used to measure the efficiency and success of a business in generating earnings relative to various financial aspects like sales, assets, and equity.
Financial metrics used to measure a company's ability to generate profit relative to other key variables, such as sales, assets, or equity.
A prospect refers to a potential client, customer, or employee who is expected to engage in a business transaction or association. The term is commonly used in sales, marketing, and HR contexts.
A prospective buyer who has the requisite financial resources, motivation, and authority to make a purchase of a given product or service.
Individual who brings significant amounts of new business to a company, such as a law or accounting firm.
A representative (REP), in a business context, typically refers to either a Customer Service Representative (CSR) or a Sales Representative. These roles are essential in bridging the communication between a company and its customers or prospects, ensuring smooth transactions and customer satisfaction.
Revenue evaporation is a significant drop in income from the sale of a product or service, often due to fundamental changes in the market, such as technological innovations.
A revenue function is a mathematical representation illustrating how different items of income behave when plotted on a graph. The most common form is the total revenue function where total revenue is expressed as a function of the number of units sold multiplied by the selling price per unit.
Sales revenue is the income generated from the sale of goods or services by a company. It is a key determinant of a company's financial health, and it is crucial for assessing growth potential and earning assessments.
A salesperson is an individual whose primary responsibility is selling products, services, or investments. Salespersons in various industries, such as real estate, insurance, and securities, are often required to hold licenses.
Square footage refers to the area, measured in square feet, of a property available for sale or rent. It is a critical metric in real estate, used to determine the size and value of buildings or land.
Teleselling, a subset of telemarketing, involves the use of telephone communication to sell products or services directly to potential customers.
Total revenue is the amount of revenue a firm receives from sales at varying levels of output.
Total Revenue is the overall income generated by a company from its business activities, typically from the sale of goods and services, before any expenses are subtracted.
Trade promotion refers to marketing efforts directed at retailers, distributors, or wholesalers to boost product sales and increase distribution. These promotions often involve special pricing, display allowances, or additional marketing support.
Goods or services sold at the full established price without allowances or discounts.
Unit Standard Operating Profit represents the standard operating profit expressed as a rate per unit of production or sales, crucial for assessing profitability on a per-item basis.
Variable overhead costs represent the elements of an organization's indirect expenses for a product that change in total with fluctuations in production or sales levels. Examples include power, commissions earned by sales personnel, and consumable materials.
The accumulation of accounts from the start of the fiscal year to the latest available period. Sales, purchases, and profits for any current week or month may be displayed year-to-date.
