MGMT Midterm 1 Flashcards

Question

What is the Emotive Style?

Answer 1

The Emotive communication style combines high sociability and high dominance

Answer 2

- Sociable -Dynamic -Emotional -Zestful -Spontaneous

Answer 3

1. Appears quite active 2. Tales the social initiative in most cases 3.Likes to encourage informality 4. Expresses emotional opinions

Answer 4

False, it is a quick social relationship that usually feels more comfortable in an informal atmosphere.

Answer 5

It is a style combination between high dominance and low sociability.

Answer 6

- Determined -Agressive -Bold -Serious

Answer 7

1. Appears to be quite busy 2. May give the impression of not listening 3. Displays a serious attitude 4. Likes to maintain control

Answer 8

A reflective style combines low dominance and low sociability.

Answer 9

- Precise -Disciplinenes -Serious -Deliberate

Answer 10

1. Controls emotional expression 2. Displays a preference for oderliness 3. Tends to express measured opinions 4. Seems difficult to get to know

Answer 11

It combines low dominance and high sociability.

Answer 12

- Patient -Sensitive -Passive -Warm

Answer 13

1. Gives appearance of being quiet & Reserved 2. Listens attentively to other people 3. Tends to avoid the use of power 4. Make decisions in a thoughtful and deliberate manner

Answer 14

False, When people of different styles work together but don’t adapt, serious problems can develop.

Answer 15

False, it can be learned.

Answer 16

The ability to minimize communication- style bias.

Answer 17

A deliberate attempt to adapt one's communication style to accommodate the needs of the other person.

Answer 18

- Move at a pace to hold their attention -Be enthusiastic, avoid being stiff/formal -Support their opinions, ideas and dreams - Ask questions, maitain eye contact, listen attentively -establish goodwill and build relaitonships

Answer 19

- Be businesslike -Be efficient, time disciolined, and well oranized -Use facts - Ask specific questions and take careful notes

Answer 20

- Be prompt and well prepared -Use a no none-sense businesslike approach -Show proof and documentation -Never pressure them to make a quick decision

Answer 21

- Learn about family, hobbies, and maor interests to build a social relationship -Listen carefully to personal feelings and opinions - Offer personal assurances and support -Be patient and avoid conflict if possible

Answer 22

Developing a product strategy enables the salesperson to custom-fit products or services to the customer's needs.

Answer 23

A well-conceived plan that emphasizes acquiring extensive product knowledge, learning to select and communicate appropriate product benefits that will appeal to the customer, and creating valued-added solutions.

Answer 24

A mutually shared answer to a recognized customer problem.

Answer 25

A process by which the salesperson uncovers and clarifies a customer's problem, works with the customer to create a vision of how things could be better, and then develops a plan for implementing the vision.

Answer 26

1. Transactional 2. Consultative 3. Strategic Alliance

Answer 27

Good News: - Almost all buyers have a choice - People like to compare options Bad News: - Having too many choices often complicates the buying process.

Answer 28

To simplify the customer's study of the product choices.

Answer 29

The solution of complex buying needs: when the salesperson brings together many different parts of the company's product mix or uses specialized software to develop a custom-fitted solution.

Answer 30

It is a specific plan of action based on the facts, assumptions, and supporting documentation about a buying solution that are included in the sales presentation

Answer 31

1. Budget and overview 2. Objective 3. Strategy 4. Schedule 5. Rationale

Answer 32

Their product Knowledge. Knowledge must meet and exceed customer expectations to increase sales effectiveness and willingness to pay.

Answer 33

1. Product development and quality improvement processes 2. Performance data and specifications 3. Maintenenance and service contracts 4. Price and delivery

Answer 34

1. Follow the standard visual format of a business letter 2. Provide balanced white space bordering the entire letter 3. Proper use of business punctuation 4. Three paragraphs long 5. Proper grammar and spelling 6. Focused on customer

Answer 35

the testing, modifying, and retesting of an idea for a product several times before offering it to the customer

Answer 36

-Evaluation or testing of products against established standard Sales appeal used to convince a prospect of a product’s quality

Answer 37

- Most potential buyers are interested - Salesperson must be prepared to address this in sales proposals and presentations Especially critical when the customer is attempting to compare product merits

Answer 38

- Proper maintenance and service contracts will usually extend the life of a product so should be provided - Salespeople who can quickly and accurately provide information will have an edge - Customized agreements add value and protect against competition

Answer 39

False: It will always.

Answer 40

It is the process of determining if a sales proposal adds value ( Cost- Benefit Analysis & Return on Investment [ROI])

Answer 41

A collection of beliefs, behaviours, and work patterns held in common by people employed by a specific firm.

Answer 42

A Supportive culture that encourages salespeople to offer tailor-made solutions to buyer problems will set the stage for long-term partnerships

Answer 43

- Do not refer to competition - Never discuss the competition unless you have all your facts straight - Never criticize the competition - Be prepared to add value Customers appreciate an accurate, fair, and honest presentation of the facts from an industry expert

Answer 44

- Communication problems

Answer 45

It may be data, facts, or characteristics of a product or service. It can be anything the customer can feel, see, hear, taste, smell, or measure. Often relate to craftsmanship, durability, design, and economy of operation

Answer 46

It is listing a series of features without enabling the customer to see what benefits these features provide.

Answer 47

General benefit: hows how a feature can be helpful to a buyer. It does not relate to a specific need expressed by the buyer. Specific Benefit: when it fulfills a specific need expressed by the buyer Effective in large and complex sales

Answer 48

characteristics (i.e., features) of the product that can be used or will help the buyer - Should only be included when the buyer has expressed a need for this information

Answer 49

A transitional phrase that connects one or more product features with potential customer benefits.

Answer 50

1. Identify all important features and arrange in logical order 2. Write beside each feature the most important benefit for the customer 3. Prepare a series of bridge statements to connect features with benefits

Answer 51

When a salespeople who love their products and possess vast product knowledge overload customers with data they neither need nor want. Once the needs are known, a customized sales presentation should be developed with specific benefits

Answer 52

The decisions and activities intended to create and maintain a certain conception of the firm’s product in the customer’s mind

Answer 53

Requires developing a marketing strategy aimed at influencing how a particular market segment perceives a product in comparison to the competition

Answer 54

Done well means the product’s name, reputation, and niche are well recognized

Answer 55

It is the ability to separate yourself and your product from that of your competitors. - It is key to building and maintaining a competitive advantage and creates barriers that make it difficult for the buyer to choose a competing product on the basis of price - Can be applied to quality, price, convenience, economy, or others

Answer 56

It is a set of benefits and values the company promises to deliver to customers to satisfy their needs.

Answer 57

They are positive benefits that customers seek when making a purchase. They may arise from the: - product itself - company that makes or distributes the product - salesperson who sells and services the product.

Answer 58

A successful product strategy should include a cluster of satisfactions that meets the needs of today’s better-educated and more demanding customers. Drawing from this cluster, with the 3-D Product Solutions Selling Model the salesperson can configure value-added solutions that meet and potentially exceed individual customer’s needs.

Answer 59

The stages of a product from the time it is first introduced to the market until it is taken off the market; including the stages of introduction, growth, maturity, and decline As the product moves through the cycle, strategies must be evaluated and possibly changed

Answer 60

1. the product's perceived advantage over available substitutes. 2. The product's benefits and importance of needs it fulfills. 3. Competitive Activity 4. Changes in technology, fashion or demographics

Answer 61

There are different product-selling strategies for positioning new versus mature products. Selling new products requires successfully providing enew insights to add value, while selling mature products requires positioning and company superiority over competition.

Answer 62

- maximize profits -obtain market share - Reflect the products position in the product life cycle

Answer 63

price reduction made to encourage a larger volume purchase than would otherwise be expected

Answer 64

It means adjusting prices up or down during specific times to spur or acknowledge changes in demand.

Answer 65

Price reduction given to a customer who participates in an advertising or sales support program

Answer 66

A discount given to channel intermediaries to cover the cost of the services they provide.

Answer 67

A reduced price with the removal of some elements of the solution.

Answer 68

Excessive focus on low prices and discounts can have a negative impact on profits and commissions.

Answer 69

1. Are you selling to high-or low-involvement buyers? 2. How important is quality in the minds of the buyers? 3. How important is service?

Answer 70

- Salespeople who are involved primarily in transactional selling and add little or no value to the sales transaction will often not be able to compete with online vendors - A well-informed buyer can make a choice with limited risk -The new economy is reshaping the world of commerce and every buyer has greater choice

Answer 71

- Tangibles - Reliability - Responsiveness - Assurance - Empathy Companies need to review these dimensions and make sure that each area measures up to customer expectation.

Answer 72

1. Generic Product/ the starting point - The basic substantive product being sold. 2. Expected Product - Everything that represents the customer's minimal expectations 3. Value-Added Product - Product that exists when salespeople offer the customer more than they expect 4. Potential Product - what may remain to be done to a product, what is possible

Answer 73

1. Transactional Sale - Emphasis on eliminating unnecessary costs - Technology investments can improve efficiencies 2. Consultative Sale - Understanding of customer's needs and problems -Custom-tailor solutions and deliver real benefits and higher margins 3. Strategic Alliance Sale - Careful study of proposed partner -leverage full assets of the company -Developed by team of specialists

Answer 74

A carefully conceived plan that will result in maximum responsiveness to customer's needs. Need to achieve a better understanding of the customer's buying needs and motives

Answer 75

A buying behaviour of individuals and households who buy goods and services for personal consumption.

Answer 76

A buying behaviour of organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.

Answer 77

Cross-functional team of decision makers who often represent several departments.

Answer 78

A consumer buyer: -Purchases for individual or household consumption -Decision usually made by individuals -Purchase often made based on brand reputations or personal recommendations with little or no product expertise -Purchase based on emotional response to product or promotions -May be a quick decisions Organizational Buyers: - Non personal consumption purchase -Decision made by several people -Purchased based on rational criteria -May engage in a lengthy decision process

Answer 79

The first time purchase of a product or service. Consumers will rely heavily on consultative selling skills.

Answer 80

It is a routine purchase of previously purchased goods or services.

Answer 81

It is purchasing when the buyer wants to reconsider product specifications, prices, or suppliers. Provide outstanding service after the sale and anticipate changes in customer needs.

Answer 82

They are often formed by companies that have similar business interests and believe the partnership will help them gain a mutual competitive advantage.

Answer 83

A type of selling that appeals to buyers who prefer a packaged solution to a problem from a single seller, thereby avoiding the series of separate decisions sometimes involved in a complex buying situation.

Answer 84

- Cost of the product - Familiarity with the product -The importance of the item to the consumer

Answer 85

it requires very little involvement and in which brand differences are usually insignificant. They are frequently purchased, and low-cost items.

Answer 86

It is motivated by the desire for variety rather than product dissatisfaction. - brand switching

Answer 87

_ it is an often lengthy consumer buying decision characterized by a high degree of involvement - Expensive, purchased infrequently, and highly self-expressive.

Answer 88

Stages a buyer goes through when making a buying decision. _ A systematic series of actions, or a series of defines repeatable steps, intended to achieve a result.

Answer 89

Needs awareness - help determine magnitude of problem. Identify solution, Justify cost. Evaluation of Solutions- provide useful information that helps with informed choice. (Helps achieve main objective, value justification) Resolution of Problems- high quality proposal; proof sources Purchase - Hassle-free process; be your customer's advocate Implementation- quality monitoring of delivery through invoice (Follow-up to ensure satisfaction)

Answer 90

- Facilitate convenient, hassle- free purchase Eliminate unnecessary costs or delays.

Answer 91

- Well aware of needs and know about products/services intended to buy - Do not conduct needs assessment, problem-solving, or relationship building.

Answer 92

- Conduct a systematic assessment of situation -Help customer evaluate solutions - Help resolve any problems that surface prior to and post-purchase

Answer 93

-Lacks needs awareness or need help evaluating possible solutions. - Can be complex and/or expensive solution

Answer 94

1. Why should I buy? (need) 2. What should buy? (product) 3. Where should I buy? (source) 4. What is a fair price?(Price) 5. When should I buy? (Time)

Answer 95

it provides salespeople with a practival way of understanding which need is more likely to dominate customers behaviour in certain situations. Theory rests on the assumption that as each lower-level need is satisfied, the need at the next level demands attention.

Answer 96

1. Physiological (Bottom): Primary or physical needs 2. Security: To be free from danger and uncertainty 3. Social: for affection; to belong 4. Esteem: to feel worthy in the eyes of others 5. self-Actualization (top): for self-fulfillment

Answer 97

1. Role- set of characteristics and expected social behaviours based on expectations of other 2. Reference Group- two or more people who have well-established interpersonal communications and tend to influence the values, attitudes and buying behaviours of one another; a point of comparison 3. Social class- group of people who share similar values, interest, and behaviours 4. Culture- values, beliefs, institutions, transmitted behaviour patterns, and thoughts of a people or society

Answer 98

a process through which sensations are interpreted, using knowledge and experience. - Received through sight, hearing, touch, taste, and smell

Answer 99

Screen our or modify stimuli if in conflict with learned attitudes.

Answer 100

an aroused need, drive, or desire that initiates the buying decision process. - influences and shaped by perceptions - Some influences by more than one buying motive DBM has the greatest influence on a customer's buying decisions

Answer 101

Emotional Buying Motives: Prompts the prospect to act as a result of an appeal to some sentiment or passion Rational Buying Motives: prompts the prospect to act because of an appeal to the prospect's reason or better judgment such as price, quality, and availability of technical assistance; objective review.

Answer 102

Patronage Buying Motives cause the prospect to buy a product from one particular company rather than another. Product Buying Motives cause the prospect to buy one particular product brand over another.

Answer 103

A systematic process of identifying potential B2C customers

Answer 104

A potential customer who meets the qualification criteria established by you or your company. A list of current and potential customers

Answer 105

1. The account may have a one-time need or there is an extended period of time between purchases 2. The customer may move to a new location outside the salesperson’s territory 3. A firm may go out of business or merge with another company 4. A loyal buyer may leave their position 5. Sales are lost to competition 6. Companies and salespersons want to grow and increase the size of their business

Answer 106

It is a model aimed at supplying an ongoing list of prospects.

Answer 107

1. INcrease the number of people who board the Ferris Wheel 2. Improve the quality of the prospects who board the Ferris Wheel 3. Shorten the sales cycle by quickly determining which of the new prospects are qualified prospects.

Answer 108

- Referrals -Networking - Centres of influence, friends, and family -Cold Calling -Telemarketing and email -Websites -Trade shows and special events.

Answer 109

A prospect who has been recommended by a current customer or by someone who is familiar with the product or service

Answer 110

establishing a relationship with a well-connected, influential person who is willing to provide prospecting information

Answer 111

- Yellow Pages -ProFile Canada -Scott's Directory -salesgenie.com

Answer 112

arge exhibit of products presented to a common industry Research studies indicate that it is much easier to identify good prospects and actually close sales at a trade show

Answer 113

the practice of marketing goods and services through telephone contact - Quickly and inexpensively qualify prospects

Answer 114

a collection of web pages maintained by a single person or organization

Answer 115

Cold calling—salesperson selects a group of people who may or may not be actual prospects, and then calls—by phone or personal visit—on each one

Answer 116

a 30-second message that summarizes what you want people to know about you, your company, and your product line

Answer 117

the practice of making and using contacts; involves people meeting people and profiting from the connections Professionals, entrepreneurs, managerial personnel, and customer service representatives must develop the skill 80% of all available jobs are not posted

Answer 118

1. Meet as many people as you can 2. When you meet someone, tell the person what you do 3. Do not do businee while networking 4. Offer your business card 5. Edit your contacts and follow-up

Answer 119

- developing relationships -discovering customer needs -Matching appropriate products with those needs - Communication benefit through informing, reminding, or persuading

Answer 120

an economy where there is an emphasis on information processing.

Answer 121

improving the sales process to create value for the customer - offering better advice and product solutions, - carefully managing customer relationships, - providing better service after the sale.

Answer 122

consists of factors that provide psychological rewards, helps satisfy these important needs and motivates us to achieve high levels of performance

Answer 123

Performs delling activities at the employer's location, typically using the telephone and email - take orders -mak calls on customers -provides support for outside salespeople

Answer 124

Travels to meet prospects and customers in their place of business or residence