Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Sales > Test 2 > Flashcards

Test 2 Flashcards

(99 cards)

Start Studying
1
Q

Categories of Business Consumers

A

Producers
Re-sellers
Governments
Institutions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Type of Producer

A

Original Equipment Manufacturers (OEMs)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Types of Re-sellers

A

Wholesalers

Retailers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Types of Governments

A

Federal
State
Municipal
County

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Types of Institutions

A 
Unions
Foundations
Civic Clubs
Nonprofits
Churches
Other
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Types of Demand in Business Markets

A

Derived
Inelastic
Joint
Fluctuating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Derived Demand

A

Demand for business products results from demand for consumer products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Inelastic Demand

A

A change in price will not significantly affect the demand for product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Joint Demand

A

Multiple items are used together in final product. Demand for one item affects all.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Fluctuating Demand

A

Demand for business products is more volatile than for consumer products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Features of a Consumer Buyer (6)

A
  • Purchase for household consumption
  • Decisions made by individuals
  • Purchase based on brand or personal recommendation
  • Emotional buyers
  • May make quick decisions
  • Purchase consumer goods/services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Features of an Organizational Buyer (5)

A
  • Decisions made by several people
  • Purchase based on technical specification and product expertise
  • Rational buyers
  • May make lengthy decisions
  • Purchase complex goods/services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Types of Business Buying Situations

A

New-task Buy
Straight Re-buy
Modified Re-buy
Systems Selling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

New-task Buy

A

Salespeople rely on consultative selling skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Straight Re-buy

A

Salespeople constantly monitor satisfaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Modified Re-buy

A

Salespeople provide service and anticipate changes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Systems Selling

A

Salespeople bundle products and focus on service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Steps in the Buying Process

A 
Need Awareness
Evaluation of Solutions
Resolution of Problems
Purchase
Implementation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Need Awareness

A

Create value by determining problems and identifying solutions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Evaluation of Solutions

A

Create value by providing useful information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Resolution of Problems

A

Salespeople can overcome objections to purchase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Purchase

A

Create value by arranging financing or supervising delivery and installation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Implementation

A

Timely delivery, superior installation, accurate invoicing, and follow-up contact by the salesperson

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Buyer Resolution Theory

A

A purchase is made only after the prospect has answered 5 buying decision questions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
5 Buying Decision Questions
``` Why should I buy? What should I buy? Where should I buy? What's a fair price? When should I buy? ```
26
Promotional Strategy for Buying Decision Question: | Why should I buy?
Advertising
27
Promotional Strategy for Buying Decision Question: | What should I buy?
Advertising
28
Promotional Strategy for Buying Decision Question: | Where should I buy?
Advertising, PR, Sales
29
Promotional Strategy for Buying Decision Question: | What's a fair price?
Sales, Sales Promotion
30
Promotional Strategy for Buying Decision Question: | When should I buy?
Sales, Sales Promotion
31
Features of Hedonic Motivation
Personal gratification Emotional satisfaction Rewarding experience
32
Features of Utilitarian Motivation
Practical application Accomplish things Maintain status quo
33
4 shopping activities
Acquisitional Shopping Epistemic Shopping Experiential Shopping Impulsive Shopping
34
Acquisitional Shopping
specific, intended purpose
35
Epistemic Shopping
acquiring knowledge
36
Experiential Shopping
providing relaxation and fun
37
Impulsive shopping
desire for immediate self-fulfillment
38
Types of Promotions for Shopping Activities
``` Coupons and Rebates Premiums Loyalty Marketing Programs Contests & Sweepstakes Sampling Point-Of-Purchase Promotion ```
39
Group Influences, from specific to general
``` Customer Roles Reference Groups Social Class Culture and Subculture ```
40
Sources of Prospects
Referrals, Directories, Trade Shows/Publications, Telemarketing, Direct Response, Sales Letters, Websites, Computerized Databases, Cold Calling, Networking, Educational Seminars, Non-Sales Employees
41
Referrals
Prospect recommended by current satisfied customer
42
Directories
Includes company info and key contacts
43
Telemarketing
the practice of marketing goods and services through telephone contact
44
Purposes of Telemarketing
- Identify buyers and contact lists - Qualify prospects - Verify sales leads - Conduct follow-ups
45
Direct Response
features inquiry cards or information requests via mail or telephone
46
Sales Letters
send sales letters to decision makers, then follow up
47
Use of Websites
``` cost-effective way for sales professionals to: • Project personal image • Present product information • Generate leads from visitors • Establish e-mail lists ```
48
Computerized Databases
In-House Purchase Databases Commercial Lists
49
Cold Calling
Calling prospects without referrals
50
Networking
Making personal connections
51
3 types of networking
- Within organization - Within industry - Outside industry
52
Educational Seminars
Provide opportunity to showcase product without pressuring to buy
53
5 Networking Guidelines
- Meet as many people as possible - Tell them what you do - Don't do business - Offer business card/contact info - Edit contacts/conduct followups
54
Consultative Sales Presentation Steps
Need Discovery Selection of the Solution Need Satisfaction through informing, persuading, and/or reminding Servicing the sale
55
Types of questions
Survey Probing Confirmation Need-Satisfaction
56
Survey Questions
Information gathering questions designed to obtain knowledge | Not used for factual information one could acquire from other sources prior to the sales call
57
Probing questions
Help to uncover and clarify the prospect’s buying problem and circumstances Help the salesperson and customer gain a mutual understanding of why a problem is important Ex.“Tell me how A/V problems can negatively affect your sales meeting.
58
Confirming questions
Verify accuracy and assure a mutual understanding of information exchanged Ex.“Do I understand you correctly that airport transportation is a key factor in selecting a hotel?”
59
Need-Satisfaction Questions
Designed to move the sales process toward commitment and action Focus on specific benefits Ex.“If I told you I could offer the key features you are looking for in a hotel along with a 10% discount on rooms and meal charges, would you be comfortable giving me a verbal commitment to move forward?”
60
3 types of presentation strategies
Persuasive Informative Reminder
61
Persuasive presentations
To influence the prospect’s beliefs, attitudes, or behavior and to encourage buyer action Used when a need is identified Shift from rational to emotional appeals
62
Informative presentations
Emphasizes facts Commonly used to introduce new products and services Stress clarity, simplicity, and directness - avoid information overload
63
Reminder Presentations
Also known as “reinforcement presentations” Maintains product awareness and benefits Good when working with repeat customers Often part of service after the sale
64
Benefits of demonstration (5)
``` Improved communication and retention Proof of buyer benefits Feeling of ownership Quantifying the solution Value proposition revisited ```
65
Guidelines for presentations that create value
Creativity, Customization, Setting, Appropriate sales tools, One idea at a time, Sensory appeal, Balance of telling showing and involvement. REHEARSE.
66
Selling tools for effective demonstrations (7)
``` Cost/benefit analysis Product demonstration Plant Tour Catalogs/brochures Article reprints Presentation folders Computer-based tools ```
67
7 steps of planning for a negotiation
1. Gather information 2. Decide on team vs. individual negotiations for both seller and buyer 3. Understand the value of what you are offering 4. Determine your goals and financial objectives 5. Prepare an agenda 6. Review adaptive selling styles 7. Use the Negotiations Worksheet
68
5 Negotiating tips
Leave room to compromise Look for a win-win solution for both parties Slow down and be patient Negotiate with limited authority Concede slowly and ask for something in return
69
5 common types of buyer concerns
``` Need for the product Product itself Source of the product Timing Price ```
70
8 methods for negotiating buyer concerns
- Direct Denial - Indirect Denial - Questions - Superior Benefit - Demonstrations - Trial Offer - Third-party testimony - Postpone method
71
Direct Denial
Refute prospect’s opinion or belief
72
Indirect Denial
Acknowledge prospects as partly right
73
Questions
Convert problem into need-satisfaction question
74
Superior Benefit
Acknowledge prospect has valid concern and focus on superior benefit Superior benefits should outweigh specific customer concerns
75
Demonstrations
Discuss competitive advantages of your product. | Overcome skepticism
76
Trial Offer
Prospect tries product without purchase commitment
77
Third-party testimony
Neutral third-party testimony adds credibility
78
Postpone Method
Postpone answers to client concerns until later in dialogue
79
5 tactics of buyers trained in formal negotiation
``` Budget limitation tactic Take-it-or-leave-it tactic Let’s-split-the-difference tactic “If . . . .then” tactic “Sell low now, make profits later” tactic ```
80
Buyer Anxiety can be due to:
Loss of options Fear of making a mistake Social or peer pressures Emotional stress
81
Closing Clues
Verbal cues: questions, recognitions, requirements | Nonverbal cues: facial expression, prospect nods, leans, examines product literature intently
82
Types of specific closing methods
Trial close, Summary-of-benefits, Assumptive, Special concession, Multiple options, Balance sheet, Management, Direct appeal, Combination
83
Trial close
Made at opportune time
84
Assumptive Close
Subtle way to ask for decision, assuming customer will buy | Comes near the end of the presentation
85
Direct Appeal Close
Ask for the order in a straightforward manner
86
Summary of benefits close
Reemphasize value-added buyer benefits - then ask | for the order
87
Special concessions close
Extra incentive for acting now | Sample inducements
88
Multiple Options Close
Present several options to customer
89
Balance Sheet Close
Outlines reasons to buy and not to buy
90
Management Close
Involve senior executives or sales manager
91
Impending event close
Requires knowing the needs of the prospects well enough to turn their objections into your selling points
92
3 parts of customer service
Follow-through on promises/assurances Follow-up with on-going communication Expansion selling for additional solutions and needs
93
Customer Attrition Causes
50%-70%: poor service 12%-15%: product dissatisfaction 10%-15%: price
94
6 strategies for handling complaints
``` Let customers disclose feelings Carefully listen to customer It doesn’t matter whether the complaint is real or perceived Do not alibi or blame others Share your view of problem’s cause Decide on action to remedy ```
95
Full-Line Selling
Suggest related products/services to customer | Provides value-added service
96
Guidelines for Full-Line Selling
Plan during pre-approach First satisfy primary need Suggest products to build bundle
97
4 benefits of bundling
Customer receives added value Complementary products and services Generates additional revenue Difficult for competitors to overcome
98
Cross-Selling
Selling products not related to those already sold to established customer Buyers like single-source convenience Most effective when salesperson/customer enjoy true partnership
99
Up-Selling
Effort to sell better quality product

Sales (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions