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Chapter 21 MKTG 250
| Question | Answer |
|---|---|
| Personal selling | the two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision. |
| Sales Management | consists of planning the selling program and implementing and evaluating the personal selling effort of the firm |
| Relationship selling | the practice of building ties to customers based on a salesperson’s attention and commitment to customer needs over time. build long-term connections |
| Order - taker | processes routine orders or reorders for products that were already sold by the company. outside-Visit customers and replenish inventory inside-Order clerks. • Salesclerks. • Inbound telemarketing. • Represent products with few options and do little selling. |
| Order getter | sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers’ use of a product or service. |
| Team selling | the practice of using an entire team of professionals in selling to and servicing major customers. |
| Personal selling process | consists of sales activities occurring before, during, and after the sale itself, consisting of six stages: (1) prospecting, (2) preapproach, (3) approach, (4) presentation, (5) close, and (6) follow-up. |
| stimulus-response presentation | a sales presentation format that assumes that given the appropriate stimulus by a salesperson, the prospect will buy. |
| Formula selling presentation | a sales presentation format that consists of information that must be provided in an accurate, thorough, and step-by-step manner to inform the prospect. |
| Need-satisfaction presentation | a sales presentation format that emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers |
| Adaptive selling | a need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information. |
| Consultative selling | a need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution. |
| Sales plan | a statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed. |
| Key account managemtn | the practice of using team selling to focus on important customers so as to build mutually beneficial, long- term, cooperative relationships |
| Sales enablement | the process of providing the sales organization with the information, content, and tools that help salespeople sell more effectively. |
| Account management policies | specify whom salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out |
| Emotional Intelligence | the ability to understand one’s own emotions and the emotions of people with whom one interacts on a daily basis. |
| Sales quota | consists of specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated time period |
| Sales force automation (SFA) | the use of computer, information, communication, and Internet technologies to make the sales function more effective and efficient. |
| Prospecting stage | identify and qualify proepects. lead, prospect, qualified prospect |
| Preapproach stage | Preparing for the sales call.Gather information and decide on the best approach: • Buying role. • Buying criteria. • Expectations. • When to contact. • Very important in international selling |
| Approach | The initial meeting with the prospect. • Gain attention and interest. • Establish rapport. • Common acquaintances. • Customs. • Gestures. |
| Presentation stage | the core of the selling process |
| Close stage | Asking for the order. 1. Trial close—Make decision on some aspect of the purchase. 2. Assumptive close—Consider choices for delivery, warranty, and so on. 3. Urgency close—Emphasize the importance of timeliness |
| Follow-up stage | Solidifying the relationship. • Selling requires customer follow-up. • Customer satisfaction. • Repeat sales. • Referrals. |
| Handling objections | 1. Acknowledge and convert the objection. 2. Postpone. 3. Agree and neutralize. 4. Accept the objection. 5. Denial. 6. Ignore the objection. |
| Organizing sales force | Geography—Uses regions, simplest structure. • Customer—Used for different markets and buyers. • Product—Specific expertise is needed |
| Compensation | Straight salary. • Straight commission. • Combination. • Nonmonetary rewards. |
| Marketing Automation | applies systems and technologies, including AI algorithms, to provide insights to salespeople. • Applies systems and technology. • Provides intelligence to salesforce. • Identifies qualified prospects. • Provides sales support. • Tracks customer buying. • Identifies new opportunities. |
| Customer service and support automation | • Processes and technology that supply customers with information. • “Live chat.” • Single source for problem solving. • U.S. companies spend $129 billion annually on CRM applications. |
Created by:
agk236