Sales & Marketing Definitions

  • F

    fair and reasonable price

    A fair and reasonable price is the price point for a good or service that is fair to both parties involved in the transaction.

  • Federal Acquisition Regulation (FAR)

    Federal Acquisition Regulation (FAR) is the body of laws that govern the U.S. Federal Government's procurement process. These laws are prepared, issued and maintained under the joint auspices of the Secretary of Defense, the Administrator of General Services Administration (GAO and the Administrator of the National Aeronautics and Space Administration (NASA). Responsibility for maintenance and revision of the FAR is vested jointly in the Defense Acquisition Regulatory Council (DARC) and the Civilian Agency Acquisition Council. (CAAC).

  • feedback loop

    A feedback loop is a system where some portion or all of the output produced by the system returns as input, effecting the succeeding processes of that system in some way.

  • G

    go-to-market strategy (GTM strategy)

    A go-to-market strategy (GTM strategy) is an action plan that specifies how a company will reach target customers and achieve competitive advantage.

  • M

    market development funds (MDF)

    Market development funds (MDF) are a resource that a vendor grants to its indirect sales channel partners to help the channel with sales and marketing programs.

  • R

    request for proposal (RFP)

    A request for proposal (RFP) is a document that an organization, often a government agency or large enterprise, posts to elicit a response -- a formal bid -- from potential vendors for a desired IT solution.

  • S

    sales motion

    A sales motion is the particular sales method an organization uses to deliver a product or a service to its customers.

  • service-level agreement (SLA)

    A service-level agreement (SLA) is a contract between a service provider and its customers that documents what services the provider will furnish and defines the service standards the provider is obligated to meet. A service-level commitment (SLC) is a broader and more generalized form of an SLA.

  • share of wallet (SOW) or wallet share

    Share of wallet (SOW) is a marketing metric used to calculate the percentage of a customer's spending for a type of product or service that goes to a particular company.

  • solution selling

    Solution selling refers to the philosophy or practice of uncovering a customer's pain points and then providing products and services that address the underlying business problem.

  • V

    vertical market

    A vertical market is made up of companies that offer goods and services to meet the needs of customers in a specific industry or niche market.

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