MART304

Question 1

What is the Compensation Method

Answer 1

A system used to pay its employees or compensate partners, suppliers, or other stakeholders. This can include a variety of financial or non financial rewards designed to attract, motivate, and retain talent or ensure fair value exchange.

Question 2

Transactional Leadership

Answer 2

Follows a top down format (task oriented) -> when company decisions are made solely by leadership at the top. Focuses on achievements and performance.

Question 3

Transformational leadership

Answer 3

• brings about positive change
• providing a vision for the future
• actively involved in executing the change

Question 4

Pygmalion Leadership

Answer 4

• higher expectations lead to an increase in performance
• starts with a leader setting positive expectations
• employees perceive themselves with these expectations
• leader communicates expectations by offering feedback and support.

Question 5

Empowerment Leadership

Answer 5

• giving power or authority to subordinates
• self efficacy (Bandura, 1977)
• participative management (Kim, 2002)

Question 6

(SPIN) Situation questions

Answer 6

• to collect facts and background

Question 7

(SPIN) Problem questions

Answer 7

• to identify the problem

Question 8

(SPIN) Implication questions

Answer 8

• to establish the effects of the problem

Question 9

(SPIN) Need pay off questions

Answer 9

• to help see the value of the solution

Question 10

Customer Relationship Management (CRM)

Answer 10

Is a set of integrated, data driven software solutions that help manage, track, and store information related to your company’s current and potential customers.

Question 11

Forecasting

Answer 11

An analysis that projects the future trends, characteristics, and numbers in your specific target market. This provides your team with anticipated numbers that a company expects based on market research.

Question 12

(Forecast Methods) Judgemental

Answer 12

• non quantitative
• naive forecast -> based on the notion that the next time period Is the same as the previous
• salesforce -> salespeople are asked to give their best estimate

Question 13

(Forecast Methods) Counting

Answer 13

• quantitative
• test marketing -> trial order
• demand estimation -> survey research

Question 14

(Forecast Methods) Time Series

Answer 14

• quantitative
• cancel or reduce the random variation in a time series using smoothing techniques
• techniques -> moving average, time series decomposition

Question 15

(Forecast Methods) Causal

Answer 15

• quantitative
• scatter plot
• correlation
• regression

Question 16

(SMART Goals) Specific

Answer 16

• set out what is to be achieved

Question 17

(SMART Goals) Measurable

Answer 17

• quantify

Question 18

(SMART Goals) Achievable

Answer 18

• must be challenging, yet achievable

Question 19

(SMART Goals) Relational

Answer 19

• strengthen relationship

Question 20

(SMART Goals) Time bound

Answer 20

• establish a time frame

Question 21

Theory of value proposition step 1

Answer 21

Value is defined by the client

Question 22

when in Rome do we, “do” or “not do”, as the Romans do? - Cultural relativism

Answer 22

• moral practices vary from culture to culture
• no one set of practices is better than the other
• no universal good and evil standard
• culture/society decides what is right and wrong

Question 23

when in Rome do we, “do” or “not do”, as the Romans do? - Ethical Imperalism

Answer 23

• one common code of ethical behaviour
• impose one’s code on others
• theory of absolutism -> one list of truths

Question 24

Steps to enter the FMCG Market

Answer 24

1. launch subscription plan as a service form for the product
2. develop the subscription base to 1000 users
3. at the end of year 1 start developing the distribution network

Question 25

5 types of power

Answer 25

Political 1. legitimate 2. reward 3. coercive Personal 4. expert 5. referent

Question 26

Sales territories

Answer 26

A geographical area or segment of customers that is assigned a sales rep. - makes salespeople accountable - align selling activity to customer needs

Question 27

Lifetime value of customer

Answer 27

LTV = m(r/1+I-r) - m = margin or profit from a customer per period - r = retention rate - i = discount rate = opportunity cost of capital

Question 28

Customer life time value

Answer 28

- once you have a portfolio of customers (a lot of them), your CLV formula I no longer necessary so use LTV CLV = (R-C) - R = the revenue gained from the customer in a time period - C = the cost of the sales and service effort directed at the customer

Question 29

Theory of Schema incongruity

Answer 29

1. schema is a mental network of information that represents knowledge 2. new information gets tagged to the schema network to expand one's knowledge base 3. when the information is incongruent, it results in cognitive dissonance 3. human mind responds to incongruence by initiating a deeper cognition to resolve the incongruence

Question 30

(5 types of power) (Political) Legitimate

Answer 30

Leaders position in a hierarchy -> CEO

Question 31

(5 types of power) (Political) Reward

Answer 31

Ability to administer rewards or incentives to influence behaviour

Question 32

(5 types of power) (Political) Coercive

Answer 32

Threat of punishment or negative consequences to influence behaviour

Question 33

(5 types of power) (Personal) Expert

Answer 33

Leaders specialised knowledge, skills or expertise in a particular domain

Question 34

(5 types of power) (Personal) Referent

Answer 34

Admiration, respect, or identification with leader

Question 35

Theory of value proposition step 2

Answer 35

Salespeople can only propose the value

Question 36

Theory of value proposition step 3

Answer 36

Client accepts the value proposition

Question 37

AEL (active empathetic listening) Dimensions

Answer 37

1. sensing 2. processing 3. responding

Question 38

Methods to forecast sales potential

Answer 38

1. judgemental method 2. counting method 3. time series 4. causal method

Question 39

SMART Goals

Answer 39

1. Specific 2. Measurable 3. Achievable 4. Relational 5. Timebound

Question 40

5 types of power

Answer 40

1. Legitimate 2. Reward 3. Coercive 4. Expert 5. Referent

Question 41

Leadership styles

Answer 41

1. Transactional 2. Transformational 3. Pygmalion 4. Empowerment

Question 42

SPIN

Answer 42

1. Situation 2. Problem 3. Implication 4. Need pay off