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Marketing chapter 3

Chapter 3 vocabulary

QuestionAnswer
What are the 3 basic sales situations? Retail, Business to business, non face-to-face
Customers come to store; dependent on non- personal techniques (advertising= store traffic) Retail Selling
Companies selling to other companies; inside sales occur in manufacturer or wholesaler; outside sales occur at customer site Business to Business Selling
Uses technology rather than personal contact; telemarketing (phone) internet (online buying; fastest growing) Non face-to-face
Goals of Selling Help customers make satisfying buying decisions that create ongoing profitable relationships (repeat business; it is easier to keep a customer than to find a new one)
Analyzing needs based on product knowledge Consultative Selling
Matching characteristics/features of product to customers needs/wants; customers don't buy the products they buy what the products can do for them Feature-benefit selling
A basic, physical or extended attribute of a product (intended use is most basic feature) Product Feature
Features that usually add more value; not always physically part of the product Additional Features
A conscious, factual reason for a purchase Rational Motive
Feeling experienced by a customer through the product Emotional Motive
Extensive, limited, routine are examples of.... Customer Decision Making
Prior experience with product/company, Frequency with purchase, importance of purchase, amount of information needed to decide, risk of purchase, time to make decision Factors that determine purchasing decision
A decision usually made with little or no previous decision, high perceived risk, purchase is expensive Extensive Decision Making
A decision with moderate perceived risk, need at least some information to make Limited Decision Making
A decision that needs little information, high prior experience or frequent purchase, low perceived risk, low perceived price, high satisfaction with the product Routine Decision Making
Sales people learn about their products by.... experience (discounts), written documents, other people (opinions), formal training
Sales people learn about industry trends by.... industry trade magazines, consumer magazines, trade reports (trade specific)
Sales people research their potential customers to.... prepare for sales
Employer leads, directories, newspapers, commercial lists, customer referral, col canvassing Prospecting methods
Sales representatives randomly contact leads, (blind prospecting or cold calling) Cold Canvassing
research prospect (annual reports), visit their stores or facilities, telephone prospect; new sale is more involved, prior is less Preparing for a Business-to-business sale
know inventory, adjust ticket prices before/after sales, keep selling area neat and clean Preparing for a Retail Sale
Explanation - trainer informs; demonstration - trainer shows; trial - trainee does role play; critique - trainer provides feed back 4 step training process
Commission based solely on what they sell Straight commission
Straight set amount regardless of what they sold Straight salary
Dollar or unit sales goal for a set time period (has some legal and ethical issues) Sales Quota
Can create pressure to produce (hard-sell), must maintain code of ethics Sales Quota
A legal contract, (offer, acceptance, price and terms) full disclosure of facts Sale
Created by: gedancer on 2009-11-30



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