Sales & Marketing Definitions
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F
feedback loop
A feedback loop is the part of a system in which some portion (or all) of the system's output is used as input for future operations.
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G
go-to-market strategy
A go-to-market strategy (GTM strategy) is an action plan that specifies how a company will bring a new product or service to market while reaching its target customers.
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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.
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R
What is a request for proposal (RFP)?
A request for proposal (RFP) is a document an organization uses when it's searching for a product or service to meet specific requirements. The organization posts an RFP to elicit formal bids from vendors.
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S
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.
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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.
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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.
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What is sales motion?
A sales motion is the particular sales method an organization uses to sell and deliver a product or a service to its customers.
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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.