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Marketing chapter 3
Chapter 3 vocabulary
| Question | Answer |
|---|---|
| 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
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