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Marketing 330 > Final Exam - Chapter 19 > Flashcards

Final Exam - Chapter 19 Flashcards

(54 cards)

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1
Q

Personal Selling

A

paid personal communication that attempts to inform customers and persuades them to buy products in an exchange situation

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2
Q

Advantages to Personal Selling

A

greatest freedom to satisfy customers; most precise promotional method

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3
Q

Disadvantages to Personal Selling

A

expensive!

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4
Q

7 Step Process to Personal Selling

A

prospecting, pre-approach, approach, making the presentation, overcoming objections, closing the sale, following up

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5
Q

PS Step 1 (Prospecting)

A

developing a database of potential customers (leads)

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6
Q

PS Step 2 (Pre-approach)

A

salesperson analyzes info about the prospect’s needs (“What might they be interested in?”) ex: key decision makers, credit history, product needs, etc.

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7
Q

PS Step 3 (Approach)

A

the manner in which a salesperson contacts a potential customer; creating relationships; first impression

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8
Q

PS Step 4 (Making the Presentation)

A

the salesperson must attract and hold the prospect’s attention, stimulate interest in and spark a desire for the product

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9
Q

PS Step 5 (Overcoming Objections)

A

anticipate and counter objections before the prospect raises them (objections are requests for more info)

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10
Q

PS Step 6 (Closing the Sale)

A

the salesperson asks the prospect to buy the product (ask for the order); attempt to close at several points during the presentation in case the prospect is ready to buy

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11
Q

PS Step 7 (Follow-Up)

A

checking in with buyer to make sure everything’s in order; building and maintaining relationships

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12
Q

Types of Salespeople

A

order getters, order takers, Support Personnel

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13
Q

Order Getters

A

salespeople who sell to new customers and increase sales to current customers

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14
Q

Order Takers

A

salespeople who primarily seek repeat sales (ex: retail and wholesalers)

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15
Q

Support Personnel

A

sales staff members who facilitate selling but usually are ot involved solely with making sales

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16
Q

Missionary Salespeople

A

usually employed by a manufacturer, assist the producer’s customers in selling to their own customers (pharma-detailers explain/promote product to medical community)

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17
Q

Trade Salespeople

A

involved mainly in helping a producer’s customers promote a product-Food(Kraft)-convenience products

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18
Q

Technical Salespeople

A

give technical assistance to a firm’s current customers (ex: software and sales engineers)

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19
Q

Team Selling

A

using a team of experts from all functional areas of a firm, lead by a salesperson, to conduct the personal selling process

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20
Q

Relationship Selling

A

building of mutually beneficial long-term associations with a customer through regular communications over prolonged periods of time

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21
Q

Suggestions for Attracting and Retaining a Top Sales Force

A

training and development, compensation, work/life autonomy (working from home), product quality and service

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22
Q

Recruiting Sources

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A

departments within firm, other firms, employment agencies, universities

23
Q

Compensating Salespeople

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A

straight salary, straight commission, combination

24
Q

Straight Salary

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A

paying salespeople a specific amount per time period, regardless of selling effort

25
Straight Commission
paying salespeople according to the amount of their sales in a given time period (ex: 5% of sales)
26
Combination Compensation
paying salespeople a fixed salary plus commission based on sales volume
27
Motivating Salespeople
additional efforts such as trophies, trips, incentives
28
Creating Sales Territories
routing and scheduling salespeople; minimize non-selling time; create territories with measurable sales potential (ex: geographic area, assigned accounts)
29
Evaluating Sales Force Performance
call reports (what happened?), measure performance determined by sales objectives such as calls/day, cost/call, # of new customer orders, etc.
30
Sales Promotion
an activity and/or material that acts as an inducement to reseller or salespeople to sell a product or consumer to buy it
31
Sales Promotion vs. Advertising
sales promotion more heavily used than ever at expense of advertising (ex: coupons)
32
Consumer Sales Promotion Methods
sales promotion techniques that encourage consumers to patronize specific stores or try particular products
33
Coupons
written price reductions used to encourage consumers to buy a specific product (DON’T USE TOO MUCH – ADDICTIONS)
34
Cents-Off
Promotions that allow buyers to pay less than the regular price to encourage purchase (tag or label saying get $.25 off)
35
Money Refunds
Promotion techniques that offer consumers a specified amount of money when they mail in a proof of purchase, usually for multiple product purchases-(low response rate-usually convenience type products-low value)
36
Rebates
Promotion techniques in which a consumer receives a specified amount of money for making a single product purchase (usually more expensive products-people generally hate these and redemption rate is low)
37
Frequent-User Incentives
Many firms develop incentive programs to reward customers who engage in repeat/frequent purchases (airline miles, coffee shop)
38
Point-of-Purchase Materials (POP)
Signs, window displays, counter pieces, etc. designed to attract attention and inform customers
39
Demontrations
Sales promotion methods a manufacturer uses temporarily to encourage trial use and purchase of a product or to show how a product works
40
Free Samples
Samples of a product given out to encourage trial or purchase
41
Premiums
Items offered free or at a minimal cost as a bonus for purchasing a product
42
Consumer Contests
Sales promotion methods in which individuals compete for prizes based on their analytical or creative skills
43
Consumer Games
Sales promotion methods in which individuals compete for prizes based primarily on chance
44
Consumer Sweepstakes
A sales promotion in which entrants submit their names for inclusion in a drawing for prizes
45
Trade Sales Promotion Methods
attempt to persuade wholesalers and retailers to carry and aggressively market a producer’s product
46
Buying Allowance
A temporary price reduction to resellers for purchasing specific quantities of a product
47
Scan-Back Allowance
A manufacturer’s reward to retailers based on the number of pieces scanned
48
Merchandise Allowance
A manufacturer’s agreement to pay resellers certain amounts of money for providing special promotional efforts, such as setting up and maintaining a display
49
Cooperative Advertising
An arrangement in which a manufacturer agrees to pay a certain amount of a retailer’s media costs for advertising the manufacturer’s products
50
Dealer Listings
Advertisements promoting a product and identifying the names of retailers that sell the product
51
Free Merchandise
A manufacturer’s reward given to resellers that purchase a stated quantity of products
52
Dealer Loader
A gift given to a retailer that purchases a specified quantity of merchandise; Often used to coerce special display efforts
53
Premium (Push) Money
additional compensation to salespeople offered by the manufacturer as an incentive to push a line of goods
54
Sales Contests
A sales promotion method used to motivate distributors, retailers, and sales personnel through recognition of outstanding achievement

Marketing 330 (16 decks)

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