Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
EXAM 1
SALES
| Question | Answer |
|---|---|
| sales | an exchange of a product or service for money, all the activates related to selling a product or service to a buyer |
| network | an arrangement of people crossed at regular intervals by other people, who are all cultivating mutually beneficial relationships |
| referral | occurs when someone provides the name of a potential customer, excellent way to expand customer base |
| salary only comp | the sales rep is paid a salary without a bonus or commission, not tied to productivity |
| straight line commission | sales rep is paid based on how much that rep sell, 100% compensation is from commission earnings |
| base salary + commission | the sales rep earns a fixed salary plus commission |
| base salary + bonus | sales rep earns a fixed salary and earns a fixed bonus |
| active listening | a distinct type of listening in which the person listening receives a message from an individual, internally evaluates and then responds – best way to uncover customer needs and wan |
| business acumen | the ability to understand and address business situations quickly and effectively |
| resilience | able to remove emotion form the equation and bounce back from rejection |
| grit | a never give up attitude based on both passion and perseverance, relies heavily on effort |
| CRM's | helps manage a company's data, information and interaction with current and potential customers |
| account manager | takes care of existing clients, focus on developing customer satisfaction and selling more to current clients |
| new business development | the activities associated with identifying and pursuing new business opportunities - coldcall (hunter) |
| prospecting | identifying individual or companies who may need the selling firm's product |
| strategic account management | responsible for overseeing several of the firms most important accounts |
| missionary sales | educate customers about the product then encourage them to use it (pharameceutical sales) |
| sales engineer | use their technical and scientific expertise to help develop appropriate solutions for customers and prospective customers |
| role play | A form of experiential learning that permits salespeople to practice skills repeatedly to build muscle memory and confidence to perform intuitively |
| experiential learning | occurs when a personally responsible participant cognitively, affectively and behaviorally processes knowledge, skills or attitudes in a learning situation characterized by a high level of active involvement |
| 3 domains of learning | cognitive, affective and psychomotor |
| hierarchy of competence | unconsciously incompetent, consciously incompetent, consciously competent, unconsciously competent |
| value of a role play | build habits, establish confidence, practice, etc |
| 2 forms of preparation | mental and practical |
| practical preparation | watch examples, write down talking points, practice one phase at a time, practice with peers, conduct roleplay, teach others |
| 4 main buyers | consumer, retail, organizational and institutional |
| retail buyers | purchase already manufactured products and subsequently resell them in retail stores |
| organizational buyers | purchase products used in creating the products sold by the organization |
| institutional buyers | purchase products used to serve clients and keep the institution entity running |
| direct procurement | involves the purchase of products used to create the product or service provided to end-users |
| indirect procurement | the purchase of products or services used in company operations |
| value | the perceived importance, worth or usefulness of a product or service – to create value for customers, sellers must understand the buying process |
| buyer motivation | all the factors that drive a buyer to move from a current state to a desired state – solving a problem - Situation repair, Situation improvement, Situation continuance |
| feature | a characteristic or attribute of a product |
| benefit | the value of the feature that the buyer perceives |
| buying decision process | the buyers journey - need recognition, Gather preliminary information, Determine decision criteria, Evaluate alternatives, Make and implement decision , Assess supplier performance |
| commoditization | describes buyers perception when there is little to no meaningful differentiation among available options - purchase on price alone |
| buying team influencer | provide info that influence the outcome of the purchase decision |
| buying team user | individuals who use the product |
| buying team gatekeeper | controls flow of info |
| buying team decision maker | makes final decision |
| opportunity risk | the risk of spending resources on one product and giving up the opportunity to purchase a better product |
| multi-attribute model | the weighted sum of buyers preferences for product or brand attributes |
| reflective learning | individuals intentionally thinking about and understanding what they have done during a learning experience and in turn taking corrective action |
Created by:
kayleejh0829