Exam 3 Flashcards
(56 cards)
1
Q
Key components of personal selling
A
- persuasion: cause person to believe by reasoning with them
- customer assistance: focus on buyer needs
- mutual benefits: focus on a win win situation
2
Q
What are the 4 determinates of sales person effectiveness?
A
- motivation
- skill level
- aptitude
- role perceptions
3
Q
role perceptions
A
role is defined by a set of activities a person is responsible to perform in the organization
4
Q
role accuracy
A
whether or not the sales person understands responsibilities and demands placed on them
5
Q
role ambiguity
A
unclear about the role and confused about what is expected
6
Q
role conflict
A
incompatible demands and person is being pulled in different directions
7
Q
define skill
A
an application of knowledge that can be learned
8
Q
expectancy
A
likelihood that increased effort will lead to a greater reward
9
Q
instrumentality
A
likelihood that greater performance will lead to more rewards
10
Q
valence
A
importance of receiving more of certain rewards
11
Q
what counts the most in motivatoin?
A
- clear sales task
- need for achievement
- incentive compensation and recognition
- good leadership
12
Q
expectanices
A
how will my effort affect my performace?
13
Q
instrumentalities
A
how will my performance be rewarded?
14
Q
reward valences
A
how much do i value a certain reward?
15
Q
sales manager activities
A
- recruit people
- responsible for training
- can affect role perceptions through training
- supervision
- compensation
16
Q
what drives sales person success
A
- they are passionate and believe in product
- prepared
- life long learners
- motivated to win
- authentic
- advocates for customer
- not defined by failures
- ability to couch customer
- insightful and help to educate buyers
17
Q
what are the 7 steps in the traditional sales process?
A
- prospecting and qualifying
- pre-approach
- approach
- presentation
- handling objections
- closing the sale
- follow up
18
Q
prospecting and qualifying
A
- most fundamental step
- process of finding people who are interested
19
Q
pre- approach
A
gather data about prospective client
20
Q
approach
A
- begin with positioning statement: who you are and what you represent
- ask relevant questions
- determine whether to move forward in the sale
21
Q
presentation
A
- make the pitch SPIN
- situation
- problems
- implications
- need/pay off
22
Q
handling objections
A
- restate and clarify
- acknowledge the objection
- encourage customer to express concerns
- offer proof
23
Q
closing the sale
A
- help customer decided to solve the problem
- trail close: ask soft question to determine willingness to buy
- benefit summary: sum up all important features
24
Q
follow up
A
customers need to be reassured their purchase was the right decision
25
job of a market response rep
- find and qualify marketing leads
| - try to optimize volume of inbound leads
26
sales development rep
- find new clients
| - make sales calls, got to meetings
27
account executives
- closers
| - develop selling plans and negotiate contracts
28
customer development reps
- take care of new customers and retaining old ones
| - increase customer loyalty
29
high value sales activities
- lead to closing sell; includes:
- active selling
- discussing business with customers
- presenting proposals
- managing customers
30
low value sales activities
- trying to find deal status
| - certifying loans
31
Benefits of intermediaries
- break bulk: get the quantities you want
- provide assortment
- hold inventory
- offer services
- transport goods to consumers less expensively
- sell goods to retailers more easily
32
Benefits of channel members
- product: enhance product quality
- service: provide activities that add value
- image: find channel partners that reflect your brand
33
direct distribution channel
-manufactures sell products directly to consumers
34
indirect distribution channel
-manufactures sell products to consumers through intermediaries
35
intensive distribution
- occurs when a company sells products to as many retailers as possible
- may lose profits
36
selective distribution
- company sells products through a limited number of qualified retailers
- typically for shopping goods
- are able to have higher prices
37
exclusive distriution
- company sells products to only a few retailers
- limits total sales but provides service and exclusivity to offer premium pricing
- usually for specialty goods
38
6 P's of Retial
- Products to stock: breadth (#of different product lines) and depth (# of products within a line)
- Place: where to locate stores
- Price of products
- Promotion of store patronage
- Presentation: how to configure stores
- Personnel: whom to hire
39
How to win first moment of truth in retail
- must maximize product availability and visibility
| - 3-7 seconds for a shopper to notice item and decided if they want to buy it or not
40
retail second moment of truth
when the consumer uses the product
41
Tactics to improve retailing
- Better shelf space
- colors
- music
- signage
42
Good bottom up strategy
- focus on making most of what company has
- go where the money is
- quickly pivot the competitive angle in a way that makes competitors irrelevant
- transform winning marketing idea into long term business strategy
43
Ideation Process
- collect facts about products
- think creatively about designing around the product defects
- propose alternative solutions
- build a prototype
44
when does creativity work best?
- where there is a constraint to narrow our focus
| - when we work with old things and make them better
45
white hat
discuss facts
46
red hat
discuss emotional view and gut reactions; both positive and negative
47
black hat
talk about perceived shortcomings and wekness of product
48
yellow hat
talk about perceived benefits
49
green hat
group members vocalize ideas about improving the product
50
blue hat
members summarize the key take away
51
steps to develop at competitive angle
- use consumer insight
- product must be unique and different
- product must lift consumer over a hurdle
- product makes a personal connection
- plan an angle evolution
52
How to make consumer insights actionable
- identify person in need
- define the usage situation
- define the need
- describe the hurdle
53
5 Keys to Finding Big Ideas
- Solve everyday pain
- Ride waves of interest
- Stretch or entertain to the extreme
- build on a core product
- cool hunting
54
Outsourcing advantages and disadvantages
- Advantages: instant access to customers
- Disadvantages: loss of control and power
- selling partner develops the customer relationships
55
Rules for marketing events
- The product needs to take center stage
- Make it gorgeous; event quality reflects product quality
- Connect the event with a local cause
- Target a specific audience
- Send home a personalized souvenir
56
What to demonstrate with a product
- relative advantage
- compatibility
- show product is not complex
- trial ability
- consumers can observe others enjoying product
