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D099 Module 1
Sales Role
| Question | Answer |
|---|---|
| Relationship selling | Sales technique that focuses on the interaction between the buyer and the salesperson rather than the price or details of the product |
| Value creation | The performance of actions that increase the worth of goods, services, or even a business |
| Marketing | Business function that identifies, satisfies, and retains customers through a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for the customer |
| Sales | Incorporates actually selling the company's products or service to its customers |
| Customer loyalty | Having a positive attitude toward a product or brand, which induces supportive behavior from the customer. |
| Brand trust | The willingness of the average consumer to rely on the ability of the brand to perform its stated function. |
| Personal selling | A type of selling that uses person-to-person interaction to sell products and services |
| Conversion rates | The percentage of prospective customers who take a specific action you want |
| Sales forecast | The process of estimating future sales |
| Operational budget | A plan for expenditures required to maintain the functioning of a business venture or public organization. |
| Corporate structure | An organization's different departments or business units within a company to achieve its overall mission and goals |
| Functional structure | An organization structure that groups employees according to a specialized or similar set of roles or tasks |
| Modular structure | Divides the business into small, tightly knit strategic business units (SBUs), which focus on specific elements of the organizational process |
| Strategic business units | A profit center that focuses on product offering and market segment |
| Value chain | The process or activities by which a company adds value to a product, including production, marketing, and the provision of after-sales service |
| Competitors | Firms that provide similar products or services and try to attract the same customers |
| Competitive advantage | A condition or circumstance that puts a company in a favorable or superior business position. |
| Sustainable competitive advantage | Company assets, attributes, or abilities that are difficult to duplicate or exceed and provide a superior or favorable long-term position over competitors |
| Customer relationship management (CRM) | Processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention |
| Business intelligence | The use of technology to analyze data and provide information to help executives, managers, and others make good business decisions |
| Business-to-Business (B2B) | Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers |
| Integrated Marketing Communication (IMC) | The careful coordination of all promotional activities to produce a consistent, unified message that is customer focused |
| Consumer (buyer) journey | A framework that acknowledges a buyer's progression through a research and decision process ultimately culminating in a purchase. Includes attention, interest, desire and action. |
| Transactional selling | A sales strategy that involves focusing on achieving quick sales without a significant attempt to form a long-term customer relationship. |
| Adaptive selling | Using social styles to customize a sales approach to the specific customer |
| Prospecting | The first step in the sales process, which consists of identifying potential customers, also known as prospects |
| Social style matrix | A model that categorizes people according to personality traits and how they interact with others. Includes analytical, driver, amiable and expressive |
| Consultative selling | Sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand his or her needs |
| Value proposition | An innovation, service, or feature intended to make a company or product attractive to customers |
| Interest | Customer realizes they like the product or service |
| Team selling | Occurs when two or more members of an organization are involved in a sale |
| Attention | The consumer is aware of a product or service that can satisfy their identifiable need. Asking "what is it?" |
| Desire | Reached when a customer is about to take action. Customer wants the product or service. |
| Action | Occurs when the purchase occurs. Customer decides "I'm getting it." |
| Ethical behavior | A system that defines right and wrong and provides a guiding philosophy for every decision one makes |
| Customer loyalty | The willingness of a consumer to depend on a brand's ability to do what it is supposed to do |
| Psychological reciprocity | Refers to adapting to another person's style so that both styles gravitate toward one another |
| Value proposition | An innovation, service, or feature intended to make a company or product attractive to customers |
| Customer lifetime value (CLV) | The current value of all future business from a customer throughout the customer's relationship with the organization |
| Account management support | An internal sales structure focus. |
Created by:
kim.miller