Module 13-15, 17 Flashcards
(25 cards)
Describe the communication process?
A sender transmits a message through a channel to the receiver.
What is the promotional mix?
Personal selling, Public relations, advertising, sales promotion.
Promotional mix (Advertising)
Paid non-personal communication about an organization & its products transmitted to a target audience through mass media.
Promotional mix (Personal selling)
Paid personal communication: seeks to inform customers & persuade them to purchase products.
Promotional mix (Public relations)
Non-paid, non-personal communication transmitted via mass medium.
Promotional mix (Sales promotion)
Paid, personal & non personal efforts to create a specific response
What are the steps in the selling process?
prospecting, pre approach, presentation, overcoming objections, closing, follow up.
The selling process (Prospecting)
Developing a list of potential customers:
Sales records, trade shows, commercial databases, newspaper announcements, public records, telephone directories, trade association directories, help wanted ads.
The selling process (Pre approach)
Preparation-before contacting the customer, finding & analyzing prospect information.
The selling process (Presentation)
During presentation: Continuously updating understanding of customer by listening & responding to comments, etc. Tie product’s attributes, etc., to solutions for customer’s problems.
The selling process (Overcoming objections)
Anticipate & counter objections during presentation, Handle objections as they arise, Surfacing objections not voiced
The selling process (Closing)
Asking the prospect to buy the product. Asking questions (what, how, or why) that assume the customer will buy the product
The selling process (Follow-up)
Was delivery & setup completed to customer’s satisfaction? Does customer have future product needs Are there additional problems?
In what ways are the sales force compensated?
Straight salary: paying the sales person a specific amount. Straight commission: paying the sales person according to the amount of sales in a given period. Combination: paying the sales person a fixed salary plus commission.
What is sales promotion?
An activity and/or material that acts as a direct inducement to resellers or salespeople to sell a product or consumers to buy it
What are the major steps of sales promotion?
Product characteristics, Target market characteristics ,Distribution channel(s) ,Number and types of resellers and Competitive and legal environment
What is advertising?
Paid non-personal communication about an organization & its products transmitted to a target audience through mass media.
What are two major battles in advertising?
getting the ad notice, holding the audience attention 5-7 seconds.
The steps in creating an advertising campaign?
identifying & analyzing a target audience, define advertising objectives, create ad platform, set ad budget, develop a media plan, create ad message, execute campaign, evaluate ad effectiveness.
What is public relations?
Non paid, non personal communication through mass media.
What is strategic planning?
creating & maintaining fit between organization’s objectives & resources & evolving market opportunities.
What is core competency?
omething firm does well, giving it an advantage over competitors
What is market opportunity?
combination of circumstances & timing allowing firm to reach a target market.
What is competitive advantage?
core competency + market opportunity.
