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Marketing Exam 2
| Question | Answer |
|---|---|
| Testimonials | statements written by satisfied users of a product or service |
| Benefits of visual aids | - Helps buyer remember what was said - offers proof of salesperson's assertions - creates a sense of value |
| objection | concern or question raised by the buyer |
| Common objections | -needs based -products based -source based -price based - time based |
| LAARC method | responding to objections by listening, acknowledging, assessing, responding, and confirming |
| probing method | clarify prospect's concerns and ensure that salespeople understand the objection |
| friendly quiet questioning stare | encourages buyer to elaborate or explain fully what their concerns are |
| objection responses | -direct denial -indirect denial -compensation method -superior benefit method -referral method |
| direct denial | Salesperson makes a relatively strong statement to indicate the error the prospect has made |
| indirect denial | Salesperson denies the objection but attempts to soften the response |
| compensation method | Acknowledging objections' validity and then showing any compensating advantages |
| superior benefits method | Benefit of one attribute overcomes concern about a less important attribute |
| referral method | Relating how others found initial opinions to be unfounded after they tried the product |
| revisit method | Salesperson turns the objection into a reason for buying |
| acknowledge method | Salesperson lets the buyer talk, acknowledges it and moves on to another topic after a pause |
| postpone method | Buyer raises an objection which salesperson would prefer to answer later |
| used when buyer makes a statement that is factually not true | direct denial indirect denial |
| used when buyer offers valid concern or offers an opinion | compensation referral revisit acknowledge postpone |
| Selling styles | aggressive, assertive, submissive |
| commitment methods | direct request benefit summary balance sheet probing |
| direct request method | Asking the buyer for commitment |
| benefit summary method | Reminding the buyer of the agreed-on benefits of the proposal |
| probing method | Using a series of probing questions to discover the reason for the hesitation |
| balance sheet method | Helping prospects who cannot make a decision, even when the reason for their behavior is not apparent |
| responsibilities after commitment | -no surprises -confirm customer's choice -get signature -show appreciation -follow up |
| negotiation | Bargaining process through which buyers and sellers resolve areas of conflict and arrive at agreements |
| win-lose negotiation | Negotiator attempts to win all the important concessions and thus triumph over the opponent |
| win-win negotiation | Negotiator attempts to secure an agreement that satisfies both parties |
| items that can be negotiated | -Delivery terms and conditions -Retail and wholesale pricing points for resellers -Sales promotion within the channel of distribution -Web page development -Display allowances for resellers |
| competing mode | -Assertive and uncooperative -Pursuing own goals and objectives at the expense of the other party |
| accommodating mode | -Unassertive and highly cooperative -Focus on the needs and desires of the other party |
| avoiding mode | -no attempt to fulfill their own needs or the needs of others -Do not strive for any agreement |
| compromising mode | -people in the middle of cooperativeness and assertiveness -Attempts to arrive at a win-win solution |
| collaborating mode | - both assertive and cooperative -Seek to maximize the satisfaction of both parties |
| sales goals | -performance based -activity based -conversion goals |
| ABC Analysis | ranks accounts by potential |
| activity planning process | -list activities to be performed -prioritize activities -estimate length of activities -develop schedule -compare time spent with estimation |
| role of sales people | - selling a company, its products, and its services to customers -selling customer's needs to companies |
| strategies for unethical requests | -leave organization -threaten to blow whistle -refuse to comply -agree but don't do it -ignore request |
Created by:
devenmccormick
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