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Chapter 17 & 18

Exam 3

TermDefinition
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
customer-centric a philosophy under which the company customizes its products and service offering based on data generated through interactions between the customer and the company
learning an informal process of collecting customer data through customer comments and feedback on product or service performance
knowledge management the process by which customer information is centralized and shared in order to enhance the relationship between customers and the organization
interaction the point at which a customer and a company representative exchange information and develop learning relationships
touch points areas of a business where customers have contact with the company and data might be gathered
point-of-sale interactions a touch point in stores or information kiosks that use software to enable customers to easily provide information about themselves without feeling violated
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
sales process (sales cycle) the set of steps a salesperson goes through in a particular organization to sell a particular product or service
lead generation (prospecting) identification of those firms and people most likely to buy the seller's offerings
referral a recommendation to a salesperson from a customer or business associate
networking a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations
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
lead qualification determination of a sales prospect's (1) recognized need, (2) buying power, and (3) receptivity and accessibility
preapproach a process that describes the "homework" that must be done by a salesperson before he or she contacts a prospect
needs assessment a determination of the customer's specific needs and wants and the range of options the customer has for satisfying them
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
sales presentation a formal meeting in which the salesperson presents a sales proposal to a prospective buyer
negotiation the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement
follow-up the final step of the selling process, in which the salesperson ensures delivery schedules are met, goods or services perform as promised, and the buyers' employees are properly trained to use the products
quota a statement of the salesperson's sales goals, usually based on sales volume
social commerce a subset of e-commerce that involves the interaction and user contribution aspects of social online media to assist online buying and selling of products and services
crowdsourcing using consumers to develop and market products
owned media online content that an organization creates and controls
earned media a public relations term connoting free media such as mainstream media coverage
paid media content paid for by a company to be placed online
social media monitoring the process of identifying and assessing what is being said about a company, individual, product, or brand
blog a publicly accessible Web page that functions as an interactive journal, whereby readers can post comments on the author's entries
corporate blogs blogs that are sponsored by a company or one of its brands and maintained by one or more of the company's employees
noncorporate blogs independent blogs that are no associated with the marketing efforts of any particular company or brand
microblogs blogs with strict post length limits
social networking sites Web sites that allow individuals to connect - or network - with friends, peers, and business associates
media sharing sites Web sites that allow users to upload and distribute multimedia content like videos and photos
social news sites Web sites that allow users to decide which content is promoted on a give Web site by voting that content up or down
location-based social networking sites Web sites that combine the fun of social networking with the utility of location-based GPS
review sites Web sites that allow consumers to post, read, rate, and comment on opinions regarding all kinds of products and services
Created by: bdavid16
 

 



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