Definition: Upselling is the practice of encouraging customers to purchase a comparable higher-end product than the one in question, while cross-selling invites customers to buy related or complementary items. Though often used interchangeably, both offer distinct benefits and can be effective in tandem.

Examples of cross-selling include: A sales representative at an electronics retailer suggests that the customer purchasing a digital camera also buy a memory card. A new car dealer suggests the car buyer add a cargo liner or other after-market product when making the initial vehicle purchase.

Wait until the customer has put something in their shopping cart before recommending additional items. Don’t use the cross sell tactic to simply unload unwanted inventory. If the item is a discontinued item, be sure to let the customer know. Don’t try to cross sell a new product.

Definition: A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. A product with a name becomes a brand.

Types of Product – Goods, Services, Experiences, Convenience, Shopping, Specialty Goods, Industrial Goods and Consumer Goods. Dealing with things individually is complex and time consuming.

There are three main types of services, based on their sector: business services, social services and personal services….Business Services

• banking.
• technology support.
• human resources.
• transportation.
• public relations.
• legal representation.
• manufacturing.
• marketing.

There are four stages in a product’s life cycle—introduction, growth, maturity, and decline. The concept of product life cycle helps inform business decision-making, from pricing and promotion to expansion or cost-cutting.

The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development, introduction, growth, maturity, and decline.