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| There are 62 entries in the glossary. |
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| objection | any form of sales resistance offered by a buyer to a salesperson
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| objections | statements of challenge or rejection by a prospect or customer of a feature, benefit, product or service, can be helpful to the sales process in that it can indicate about what a prospect or customer is concerned, allowing for a stronger sales discussion, objections can include a lack of perceived value in a product or service offering, a perception of an inferiority to a competitive offering, a lack of perceived urgency in purchasing the offering, an unknown internal political issue between departments, an unknown corporate initiative with an external party, a lack of funds to purchase the offering, an unknown personal issue with the decision maker(s) and an "it's safer to do nothing" perception by the prospect or customer
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| objective and task method of budgeting | a budgeting method in which the amount to be spent on sales promotion, advertising, personal selling, etc is determined by the desired result of the activity and the nature of the tasks necessary to achieve it
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| objectives | specific, measurable outcomes or results that an organisation plans to achieve in a given period
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| OBO | see or best offer |
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| OBS | see opening benefit statement
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| observation method | an method of obtaining marketing research data by watching human behavior, mechanical monitoring devices are also commonly used
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| odd pricing | pricing so that all prices end in an odd number, as in $7.95, $19.95, sometimes referred to as odd-even pricing
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| OEM | original equipment manufacturer, originally defined a manufacturer who produced a product to be sold under other company's brands, now used in the sales world to describe when a company makes a product and sells it to other companies so that they can sell it under their label
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| off-invoice allowance | a reduction in price allowed to a retailer in return for purchasing specific quantities of goods within a specified time, the purpose of the allowance is to push slow-moving merchandise, to counter competitive programs, to introduce new products or line extensions, or to "load" channels members, also referred to as a purchase allowance
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| off-premise buying | buying that is done by wholesalers and retailers through buying offices located overseas or in distant locations
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| off-price retailer | a retail store specialising in buying leading brand items in bulk for resale at discount prices
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| oligopolistic competition | a competitive situation in which there are only a few sellers (of products that can be differentiated but not to any great extent), each seller has a high percentage of the market and cannot afford to ignore the actions of the others, see monopolistic competition, pure competition, and pure monopoly
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| oligopoly | a market situation in which there are only a few sellers, in an oligopolistic situation the marketing action of one firm will have a direct effect on the others
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| oligopsony | a market situation in which there are only a few buyers
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| omnibus survey | a type of marketing research survey, commonly organised by a major professional marketing research company, in which different cross sections of the community are interviewed by probability sampling at regular intervals about buying habits, product and brand preferences, etc, called an "omnibus" survey because any marketer can join in (on a regular or ad hoc basis), for a fee, to add questions
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| on-pack premium | a common form of consumer sales promotion in which a gift is banded to the package of another product to encourage its purchase
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| on-the-job training | sales training given in the field rather than in a formal classroom setting
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| one level channel | a marketing channel in which there is only one intermediary (for example, a retailer) between manufacturer and end-user
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| one-price policy | a policy of offering the same price to every customer
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| ONO | see or nearest offer |
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| open bid | a system, common in the government market, of calling for bids from selected suppliers
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| open dating | an aspect of labelling in which certain products are required, either by law or under voluntary industry codes, to be marked with a "best before" date to indicate their expected shelf life, also called date stamping
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| open ended question | questions that cannot be answered with a "yes" or a "no", generally begin with the words, what, how or why and usually encourage a prospect or customer to expand on a response, as a result, open-ended questions usually help the salesperson learn much more about the prospect or customer than a close-ended question
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| open plan selling | a modern form of selling, heavily dependent on the sales person understanding and interpreting the prospect's organizational and personal needs, issues, processes, constraints and strategic aims, which generally extends the selling discussion far beyond the obvious product application, (in a way, it's rather like combining selling with genuinely beneficial, free, expert consultancy), in 'open plan selling' the seller identifies strategic business aims of the sales prospect or customer organization, and develops a proposition that enables the aims to be realized, the proposition is therefore strongly linked to the achievement of strategic business aims - typically improvements in costs, revenues, margins, overheads, profit, quality, efficiency, time-saving and competitive strengths areas, there is a strong reliance on seller having excellent strategic understanding of prospect organization and aims, market sector situation and trends, and access to strategic decision-makers and influencers
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| open promotion | a sales promotion which is advertised widely and available to all who wish to enter
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| open system | any system or enterprise (nation or business firm) that is affected by external forces
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| opening | the introductory structured comments of a meeting, see opening statement
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| opening benefit statement | OBS - traditionally an initial impact statement for sales people to use at first contact with a prospect, in writing, on the phone, or face-to-face, it generally encapsulates the likely strongest organizational benefit typically derived by customers in the prospect's sector |
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| opening statement | as the term suggests, a statement made towards the beginning of an interview, typically following some rapport building, it is intended to present an agenda for the discussion, goals, as well as inviting the prospect or customer to add their agenda items if they were not included
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| operating expenses | all the costs incurred by a firm in carrying out its day-to-day activities
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| operating statement | a statement of the financial results of a company's operations during an accounting period, or the introductory comments in a sales interview where the agenda for the meeting is stated and the prospect or customer is asked if there is anything else they wish to cover
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| opinion leader | an individual who actively provides opinions about products to others or from whom views, opinions and advice is sought
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| opportunity | any potential sale yet to be qualified
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| opportunity cost | the value of the benefit forfeited by choosing one alternative over another
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| opportunity matrix | a diagnostic marketing tool providing a means of appraising environmental attributes to alert managers to the benefits associated with changing environmental conditions and to impending dangers
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| optimising | an approach to planning in which a firm expresses its intention to do things better (as opposed to "better things") in the future, see adaptivising and satisficing
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| or best offer | OBO, abbreviation commonly used in classified ads, the seller is indicating they are prepared to accept the highest offer made for their product or service
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| or nearest offer | if no buyer is willing to pay the asking price, the seller will accept the next highest bid |
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| order cycle time | the time between placement of the order by the customer and the receipt of the merchandise
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| order filling costs | costs associated with filling orders - warehousing, transportation, order processing, billing and collection of payments
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| order generation costs | costs associated with obtaining orders - advertising, personal selling and sales promotion
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| order getter | a salesperson responsible for actively persuading customers to buy rather than simply collecting orders that the customers wish to place
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| order processing | all of the activities related to filling a customer's order - checking the order, prices, terms, customer credit and stock levels, producing an invoice, picking the goods from the warehouse, packing and shipping them, and collecting payment
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| order taker | a salesperson who writes up orders but is not involved in persuading customers to buy
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| organization marketing | activity related to the marketing of an association, school, college, hospital, sporting or social group, club, charitable body, etc also known as affinity marketing
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| organizational buyer | the individual responsible for the firm's purchasing
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| organizational buying | purchasing done by organizations for resale purposes, for use in the manufacture of other goods and services, or for the operation of their businesses |
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| organizational buying behavior | the study of the motives and actions of, and the influences upon, organizations while engaged in purchasing goods and services |
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| organizational goals | an organization's broad, longer-term aims or performance expectations as opposed to its organizational objectives which are of a more specific nature and generally cover a shorter, specified period of time |
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| organizational markets | the sum of all industrial, institutional, reseller and government markets whose buyers purchase products for use in making other products, for resale, or in the operation of their businesses
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| organizational objectives | the sum of all industrial, institutional, reseller and government markets whose buyers purchase products for resale, for use in the manufacture of other products, or in the operation of their businesses
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| organizational structure | the way in which a firm has arranged its lines of authority and communication, and allocated duties and responsibilities, the structure may be of a divisional, geographic or functional kind or some combination of these
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| OTE | on target expectations - used in employment ads when referencing income potential
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| out-of-stock cost | the cost of sales lost when a particular item is not available when ordered by a customer
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| outbound telemarketing | telemarketing in which a company uses trained salespeople to sell to customers by telephone, see inbound telemarketing
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| outdoor advertising | advertising by means of posters and signs, stationary or mobile
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| outer-directed consumers | one of three broad groups of consumers (with inner-directed consumers and need-directed consumers) identified in the Stanford Research Institute's survey of American lifestyles, outer-directed consumers buy "with an eye to appearances and to what other people think." this group represents about two-thirds of consumers in the U.S., see value and life style program (VALS), inner-directed consumers, and need-directed consumers
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| outline proposal | the steps and items to be listed in a proposal, containing less detail then the actual proposal, an outline proposal is an interim step, to avoid wasting time writing a full proposal for a customer who is not fully sold
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| outside order-taker | a salesperson who visits customers to write up orders but is not responsible for persuading them to buy
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| outside sales | usually refers to those who sell by visiting others in-person
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| outside sales facilities | manufacturers' agents and representatives, sales agents, dealers, distributors, etc available to supplement or even to replace a firm's own sales force
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Glossary V2.0 |
