telemarketing vs merchandising

telemarketing and merchandising both are nouns.

Word	Noun	Adjective	Verb	Adverb
telemarketing	Yes	No	No	No
merchandising	Yes	No	No	No

As nouns, merchandising is a hypernym of telemarketing; that is, merchandising is a word with a broader meaning than telemarketing:

telemarketing: the use of the telephone as an interactive medium for promotion and sales
merchandising: the exchange of goods for an agreed sum of money

Other hypernyms of telemarketing include marketing, selling.

telemarketing (noun)	merchandising (noun)
the use of the telephone as an interactive medium for promotion and sales	the exchange of goods for an agreed sum of money
	the business of drawing public attention to goods and services
	branded products meant to promote another product, especially films and pop groups