Business Ch 9

Question 1

What are sales promotions?

Answer 1

Any activity or material that acts as an incentive to encourage:
Salespeople to sell a product
Consumers to buy a product

Question 2

What is not sales promotions?

Answer 2

advertising, personal selling, and public relations

Question 3

Sales promotion campaigns need an objective. What three things should the objective be?

Answer 3

Objectives should be specific, measurable, and timely

Question 4

Coupons

Answer 4

Pros: Effective for brand awareness, reward present users, win back former users, encourage purchases in large quantities, are traceable to target market, electronic coupons are low-cost, or have greater targeting ability
Cons: Fraud, many customers will not buy without a coupon, brand loyalty diminished, some customers will only redeem coupons for products they buy

Question 5

Rebates

Answer 5

Consumer receives a specified amount of money for making a single product purchase
Generally given on more expensive products

Question 6

POP materials

Answer 6

Signs, window displays, counter pieces, etc. designed to attract attention and inform customers

Question 7

Premium

Answer 7

Items offered free or at a low cost as a bonus for purchasing a product

Question 8

Consumer sweeostakes

Answer 8

Entrants submit their names for inclusion in a drawing for prizes

Question 9

What is a sales pitch?

Answer 9

A condensed sales presentation where a salesperson explains the nature and benefits of their business, ideally in less than one or two minutes

Question 10

What is an elevator pitch?

Answer 10

Sales pitches are often referred to as ‘elevator pitches’ because
they should be able to be delivered within the time constraints of a single elevator ride.

Question 11

What is a product pitch?

Answer 11

narrowly focused and in-depth on a product or service

Question 12

How do you start a sales pitch?

Answer 12

You must grab your prospect’s attention.
Start off with a personal anecdote
Ask a question that relates to the problem you solve
Start with a stat that resonates and offers stakes

Question 13

What are the 5 steps of the sales pitch framework?

Answer 13

1. Start with the problem.
   * What problem is your customer facing that you can solve?
2. Position your product as the solution.
   * List the features of your product or service that solve your customer’s problem.
3. Give the customer a step-by-step plan.
   * What 3 simple steps does your customer need to make to go from their problem to
   purchasing your product to solve their problem?
4. Paint the stakes. Negative and positive.
   * What are the negative stakes your customer will experience if they do not buy your
   product?
   * What are the positive stakes your customer will experience if they do place an order?
5. Call the customer to action.
   * How will the customer place an order?