An Approach to Selling Based on the Notion That the Customer

question 53

Short Answer

An approach to selling based on the notion that the customer is buying to satisfy a particular need or set of needs is referred to as _________.

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Definitions:

Mark-up

The amount added to the cost price of goods to cover overhead and profit, expressed as a percentage of the cost.

Markdown

A reduction from the original or listed price of a good or service, often used to stimulate sales or clear out inventory.

Gross Profit

The financial term for the difference between revenue and the cost of goods sold, before deducting overheads, payroll, taxation, and interest payments.

Markdown

A reduction in the selling price of goods, typically to clear old stock or attract customers.