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Flashcards in Exam 1 Deck (79)
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1

the three key skills to successful personal selling are:

relationship skills, communication skills, and value-building skills

2

4 key stakeholders relationships in business

customer, owner, employees, vendors

3

customer centricity

target/customer defines how the sales person sells the product/service, which defines the operations process (the experience offered to the customer)

4

personal selling

the phenomenon of human-driven interaction between and within people and organizations to bring about transactions within a value-creation process; interactive process that is win-win, buyer-oriented, and creates value for the buyer

5

what is the leading indicator of business growth?

sales growth

6

role of salespeople

1) agents of change
2) primary throughput generators
3) primary relationship managers
4) communicate to customers and prospects
5) acquire and share information with the seller's firm

7

waste

anything that does not add value for your customer

8

selling and distribution channels

business to business and business to consumer

9

characteristics of successful sales people

ego-drive, empathy, self-motivation, dependability and trustworthiness, ethical sales behavior, customer and product knowledge, communication skills, flexibility/adaptability/agility, creativity, emotional intelligence, and confidence

10

how to increase the number of selling interactions to become more productive

work smarter, faster, and do it right the first time

11

key operational drivers of business

1) protect throughput
2) reduce inventory
3) reduce operating expenses
4) reduce flow time
5) increase peace of mind

12

three key elements of any business sales strategy

1) how am I going to grow sales?
2) what new products and services can I add to my existing customers?
3) how do I retain my satisfied customers?

13

the evolution of personal selling

push sale model -> pull sale model -> value sale model

14

types of selling interactions

1) strategic alliance sale - high perceived conflict over stakes, high perceived long-term relationship potential
2) relationship sale - low perceived conflict over stakes, high perceived long-term relationship potential ex: family friend
3) transactional sale - high perceived conflict, low perceived long-term relationship potential ex: garage sale
4) functional sale - low perceived conflict, low perceived long-term relationship ex: reorders

15

Bridge to change

two support columns - relationship and communication skills
spans - identify what to change, define what to change to, how to cause the change?
bridge must be paved with value-adding benefits

16

5 perceived factors of mutual trust

1) dependability
2) customer orientation
3) competence
4) honesty and integrity
5) likeability (friendliness, relevance to the interests of others, empathy, realness)

17

the salesperson's dilemma

compete vs cooperate
win-lose thinking vs win-win thinking
create value and claim value

18

Life cycle of long-term business partner development

awareness, exploration, expansion, commitment, dissolution

19

factors influencing the ethical behavior of sales people

personal, company, and customer needs
company policies
values of significant others
customs and laws

20

personal code of ethics

serve your god
serve your employer
serve your customer
serve yourself and your family

21

uniform commercial code

1) agency - representative of the company
2) sale - the transfer of title to goods from the seller to the buyer
3) title and risk of loss - free on board (FOB) destination or FOB factory
4) oral vs written agreements - legally the same
5) obligations and performance - what is contained in the contract
6) warranties - an assurance that the product will perform as promised

22

Illegal business practices

1) business defamation
2) reciprocity - 2 companies buy products from each other to manipulate the market
3) conspiracy and collusion: conspiracy is companies working together before contacting customers, collusion is during the purchase decision process
4) tying agreements - requirement to purchase one product to get another
5) interference with competitors
6) restrictions on resellers
7) price discrimination
8) privacy laws
9) do-not-call laws

23

four buyer response modes

1) growth mode - growth minded; don't mention "problem" to them
2) trouble - will tell you their issues easily
3) even-keel - wishy-washy; hard to find their pain, so have to create it
4) overconfident - thinks how they are doing things now are great

24

steps in the buying process

1) recognition of a need
2) definition of the product type needed
3) development of detailed specifications
4) search for qualified suppliers
5) acquisition and analysis of prospects
6) evaluation of proposals and selection of a supplier
7) placing and receiving the order
8) evaluation of product performance

25

types of buying decisons

new tasks, straight rebuys, modified rebuys

26

the buying center

- initiator - party that initiates the process of making a purchase evaluation/decision
- gatekeeper - controls the flow of information and alternatives in the buying center
- users - uses what the salesperson is offering
- technical influencers - people who evaluate alternatives from a technical standpoint
- financial influencers - evaluates from a financial standpoint
- deciders/economic decision makers - level 1: local decision maker that recommends to the home office; level 2: home office/final decider
- coaches/champions - someone in the organization that will give the salesperson advice along the way; champion supports you in the organization

27

need to ask the buying center

who is in the decision making process, how does the buying center work, when will you be able to meet with the other members of the buying center, when would they be ready to make a purchase decision, what are they looking for, and what is the budget

28

step 1

pre-call prep

29

step 2

sell yourself

30

step 3

the introduction