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Flashcards in Personal Selling and Sales Management Deck (21):
1

Relationship Selling (Consultative Selling)

A sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships

2

Customer-Centric

A philosophy under which the company customizes its product and service offering based on data generated through interactions between the customer and the company

3

Learning

An informal process of collecting customer data through customer comments and feedback on product or service performance

4

Knowledge Management

The process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization

5

Interaction

The point at which a customer and a company representative exchange information and develop learning relationships

6

Touch Point

Area of a business where customers have contact with the company and data might be gathered

7

Point-Of-Sale Interaction

A touch point in stores or information kiosks that uses software to enable customers to easily provide information about themselves without feeling violated

8

Campaign Management

Developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships

9

Sales Process (Sales Cycle)

The set of steps a salesperson goes through in a particular organization to sell a particular product or service

10

Lead Generation (Prospecting)

Identification of those firms and people most likely to buy the seller's offerings

11

Referral

A recommendation to a salesperson from a customer or business associate

12

Networking

A process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations

13

Cold Calling

A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or financial status

14

Lead Qualification

Determination of a sales prospect's (1) recognized need, (2) buying power, and (3) receptivity and accessibility

15

Pre-approach

A process that describes the "homework" that must be done by a salesperson before he or she contacts a prospect

16

Needs Assessment

A determination of the customer's specific needs and wants and the range of options the customer has for satisfying them

17

Sales Proposal

A formal written document or professional presentation that outlines how the salesperson's product or service will meet or exceed the prospect's needs

18

Sales Presentation

A formal meeting in which the salesperson presents a sales proposal to a prospective buyer

19

Negotiation

The process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement

20

Follow-Up

The final step of the selling process, in which the salesperson ensures delivery schedules are met, goods or services performed as promised, and the buyers' employees are properly trained to use the products

21

Quota

A statement of the salesperson's sales goals, usually based on sales volume